Recent regulatory developments in Nigeria indicate a shift toward supporting crypto businesses, which may lead to broader adoption of crypto assets in the country. Buchi Okoro, CEO of the digital asset exchange Quidax, believes that Nigerian authorities need to create a clear legal framework that allows for a smooth launch of products and services by crypto businesses, enabling government supervision and fostering innovation. Despite regulatory uncertainty, crypto adoption continues to rise in Nigeria, driven by increased awareness of the advantages of cryptocurrencies and the high proportion of millennials and Gen Zers in the population. Okoro suggests that Nigerian regulators are actively exploring the unique opportunities crypto can offer the country and advises the government to create a legal framework that regulates crypto trading and investing while allowing room for crypto businesses to launch their services. Quidax obtained early licensing from the Nigerian Securities and Exchange Commission due to proactive engagement with regulators and being a Nigerian company. The platform ensures compliance with relevant laws and regulations through its SEC-provisional license. To manage the risks of illicit activities, such as terrorism financing and money laundering, Okoro emphasizes collaboration between the industry and the government, implementing KYC and AML processes, and internal transaction monitoring tools. Looking ahead, Okoro envisions significant growth in the Nigerian crypto industry, with an expected increase in crypto users and recognition of crypto as an essential tool for financial stability and economic empowerment in the country by 2030.
- Content Editor ( news.bitcoin.com )
- 2024-09-22
Nigerian Entrepreneur: Recent Regulatory Moves Signal Support for Crypto