The Nigerian government recently announced a collaboration with cryptocurrency trading platform Binance to establish a digital economic zone that would support Fintech enterprises while also promoting the development of the local blockchain sector.
The Nigeria Export Processing Zones Authority (NEPZA) announced that it would collaborate with Binance to develop the first virtual free zone in West Africa, comparable to the Dubai Virtual Free Zone.
Binance Promotes Widespread Blockchain Adoption
Binance’s engagement with Nigeria coincides with a similar move by the business with the city of Busan in South Korea. The exchange has signed an agreement with Cambodia’s Securities and Exchange Regulator (SERC) to help strengthen the country’s securities industry.
Meanwhile, Binance has opened a crypto teaching center in Cameroon to promote blockchain and crypto adoption in Africa. Adoption of Blockchain in Africa Nigeria, Africa’s most populous country, is one of the top three African nations, along with Kenya and South Africa, regarding cryptocurrency adoption internationally.
Crypto Adoption in Nigeria
Although Nigerians have a high level of cryptocurrency adoption, the Nigerian government has kept a rather antagonistic relationship with the business. Nigeria’s Securities and Exchange Commission established digital asset rules in May. According to the SEC, the guideline safeguards investors and increases market transparency.
Regardless of the crypto industry’s regulatory uncertainty, Nigerians continue utilising cryptocurrency.