Binance is Partnering with Nigeria to build an Export Processing Zone Authority (NEPZA). The purpose is to create a digital economic area similar to Dubai.
The report said that the Nigerian authorities intend to build a zone that will probably be similar to Dubai’s virtual free zone. The space upon completion would be the first in the West African area.
NEPZA’s Managing Director, Adesoji Adesugba, said the country’s “goal is to engender a flourishing digital free zone to take advantage of a near trillion greenback virtual economy in blockchains and digital economic system.”
Binance Boosts Mainstream Blockchain Adoption
Binance’s collaboration with Nigeria follows an identical move the company made with South Korea’s city of Busan.
The Changpeng Zhao-led exchange had signed a memorandum of understanding (MoU) with the town of Busan to ensure technological and infrastructural assistance for the town.
The move is designed to assist develop the city’s blockchain ecosystem and also the promotion of Busan’s Digital Asset Exchange.
The exchange additionally entered an agreement with the Securities and Exchange Regulator of Cambodia (SERC) to develop the nation’s securities sector.
In the meantime, Binance also recently launched a crypto training hub in Cameroon to further drive crypto and blockchain adoption in the African nation.
Nigeria: Crypto Adoption
Regardless of Nigerians having a high crypto adoption, the Nigerian authorities has maintained a considerably hostile relationship with the trade.
The Central Bank of Nigeria had ordered all business banks within the nation to cease enabling crypto transactions. The apex bank explained that its choice is due to the menace crypto poses to the broader monetary economic system of the nation.
In the meantime, Nigeria’s Securities and Exchange Commission in May revealed a rulebook for digital assets in the country.
In accordance with the SEC, the rulebook is aimed toward ensuring traders’ protection and market transparency.
However, regardless of the unclear regulatory stance towards the crypto space, Nigerians proceed to use crypto.