Binance and Nigeria are teaming up to establish an Export Processing Zone Authority (NEPZA). The objective is to establish a digital economic zone similar to Dubai.
According to the reports,, Nigerian authorities plan to create a region resembling Dubai’s virtual free zone. After completion, the facility will be the first in West Africa.
According to NEPZA’s managing director Adesoji Adesugba, the purpose of the country is to create a flourishing virtual free zone so that it can benefit from the almost trillion-dollar virtual economy in blockchains and the digital economy.
Binance adoption in Nigeria
Binance’s partnership with Nigeria comes after a comparable step the business took with the city of Busan in South Korea.
A Memorandum of Understanding (MoU) between the Changpeng Zhao-led exchange and the city of Busan was inked to guarantee the city’s technological and infrastructure support.
The action aims to promote the Busan Digital Asset Exchange as well as the city’s blockchain ecosystem development.
In order to strengthen the securities sector in the country, the exchange has entered into a contract with SERC, Cambodia’s securities and exchange regulator. In addition, to further promote the acceptance of cryptocurrencies and blockchain technology in the African nation, Binance also recently opened a crypto education hub there.
The Nigerian government has demonstrated a somewhat unfavorable relationship with the business despite the country’s citizens’ significant adoption of cryptocurrencies.
The Central Bank of Nigeria instructed all commercial banks in the country to stop supporting cryptocurrency transactions. The country’s top bank noted that its decision was made as a result of the danger that cryptocurrencies pose to the nation’s overall financial system.
The Securities and Exchange Commission of Nigeria released a guideline for digital assets in the nation in May. The SEC claims that the regulation is intended to ensure market openness and investor protection.
Nevertheless, Nigerians continue to use cryptocurrency despite the country’s uncertain regulatory position.
