Nigeria is establishing a framework for widescale crypto adoption
Africa’s largest economy has become a bastion for crypto adoption. Nigeria’s Finance Ministry is reportedly in talks with the country’s securities regulator to develop a new framework for blockchain and cryptocurrencies -- a move that could accelerate adoption in Africa’s largest economy. Business Day, a Nigerian market intelligence publication, reported Tuesday that the Ministry of Finance is working with the Abuja-based Securities and Exchange Commission, or SEC, to “provide a regulatory environment for blockchain” and digital assets. The publication cites Ministry adviser Amstrong....
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Authorities in Nigeria and cryptocurrency exchange Binance Holdings Ltd. are in talks tto create a digital economic zone that will support blockchain technology adoption by businesses in the West African country. Binance In Talks With Nigeria According to a press release, Nigeria intends to use the Nigeria Export Processing Zones Authority (NEPZA) to establish the […]
In terms of Crypto Adoption, the developing countries are not behind. Emerging crypto markets in West Africa, such as Nigeria and Kenya, are leading the fronts in adoption. Chainalysis reported that Nigeria and Kenya ranked among the top 20 countries in the crypto adoption index. More countries in West Africa are joining the league. Ghana, […]
Nigeria’s Securities and Exchange Commission says it is committed to creating a clear-cut regulatory framework for cryptos in the country. Having recently suspended its planned crypto regulations in the wake of the central bank ban, Nigeria’s Securities and Exchange Commission has clarified its position on cryptocurrencies in the country.According to a report by Premium Times, both the SEC and the Central Bank of Nigeria will work collaboratively on devising a concrete regulatory framework for cryptos in Nigeria.For Timi Agama, the commission’s registration, exchanges, market....
Statista has found that one-in-three Nigerians held or used crypto assets during 2020. Data published by statistics firm Statista has revealed Nigeria is the leading country per capita for Bitcoin and cryptocurrency adoption, with nearly one in three survey respondents indicating they used or owned crypto assets in 2020.According to the survey, the pre-existing prevalence of mobile phone based peer-to-peer payments has led many Nigerians to explore cryptocurrency. Statista noted that many Nigeria responded they had recently installed crypto payment applications on their devices.The....
In March 2022, Dubai took another step towards establishing itself as a global crypto headquarters by adopting its first law on virtual assets and establishing a regulator for the growing sector. The new law serves as a progressive regulatory framework for the emerging virtual asset market, setting industry-defining standards and improving the Emirate’s standing in […]