Binance crypto exchange is coordinating with Nigeria to set up a special economic zone operated by the crypto sector. In a recent study by CoinGecko, Nigeria emerged as the most crypto curious nation in the world which may have conspired Binance to explore the opportunity of expanding the digital asset sector in the country. When completed, this crypto hub in Nigeria will make it the only such entity to exist in the whole of West Africa. The Binance-backed initiative is also being supported by the Nigeria Export Processing Zone Authority (NEPZA).
This ‘Virtual Free Zone’, employed by US-based crypto exchange and NEPZA, intends to bring together Blockchain and Web3 entrepreneurs from the African continent and accelerate growth and adoption across the regions.
“Our goal is to create a prosperous virtual free zone to take advantage of the nearly trillion dollar virtual economy in blockchain and the digital economy. We want to break new ground to expand economic opportunities for our citizens,” A Voice of Nigeria report good NEPZA Managing Director Adesoji Adesugba said.
The crypto market in Nigeria, Kenya, Tanzania and South Africa together saw a growth of 1,200 percent, reaching a market valuation of $105.6 billion (about Rs 780 crore) in one year, as per a report by Chainalysis in September last year. was claimed.
Research Firm Triple-A Estimate More than 13 million Nigerians owned cryptocurrencies in 2021. This is 6.3 percent of the total population of Nigeria.
This blockchain-focused establishment in Nigeria could help the expanding crypto community in the region to explore start-ups and jobs as well as dive deeper into the industry.
Meanwhile, such special economic zones are beginning to emerge in other parts of the world as well.
For example, in the United Arab Emirates, where Binance is a licensed crypto service provider, Abu Dhabi-based ADGM plans to become a hub for crypto activities. It was first developed as a business hub on the island of Al Mariah in 2013.
Abu Dhabi Global Markets (ADGM) also claims to be the largest regulated jurisdiction of virtual assets in the Middle East and North Africa (MENA) regions.