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- 1 Yellow Card, a centralized cryptocurrency, is planning to get a VASP license in Nigeria.
- 2 The MiCA regulations are likely to be fully implemented in the first quarter of 2024.
- 3 Nigeria is the country with the highest cryptocurrency knowledge, surpassing the US.
Yellow Card, a popular cryptocurrency exchange, is constantly working on its global expansion. Following the recent decision of the Nigerian Central Bank to uplift the ban on banks for crypto transactions, the exchange is seeking a license in Nigeria.
The centralized cryptocurrency exchange aims at MiCA regulation, by filling its application for a VASP license in Nigeria. Before the ease of crypto, Yellow Card faced several limitations in the region and immense regulatory pressure.
The Nigerian Central Bank believes that global crypto adoption has surged significantly and each and every nation needs the ease and framing of a proper set of rules.
As per analysts, the ease in the restriction in Nigeria seems to be pre-planned in the sense of gaining crypto adoption as it is believed the MiCA regulations are likely to get fully implemented in the first quarter of 2024.
The requirement for a bank account, which was not feasible under the prior prohibition, in order to apply for a Virtual Asset Service Provider license presented a challenge for Yellow Card, though.
Ban Upliftment Will Provide…
The Nigerian Securities and Exchange Commission (SEC) and Yellow Card, which now conducts business in Nigeria and more than 15 other African nations, have already begun talks on running a cryptocurrency exchange.
The SEC asked exchanges, issuers, and custodians of digital assets to apply for licenses. As per expectations, the upcoming European Union bill based on digital assets and its other categories will be implemented in all the nations that constitute the EU.
According to a recent opinion survey, Nigeria is the country with the highest cryptocurrency knowledge, surpassing the US. Nigeria has the highest level of perceived investment motivation and understanding of digital assets (99%), according to the report.
The survey revealed that while 70% of respondents knew the basics, applications, and worth of blockchain technology, 99% were only completely aware of cryptocurrency.
Surging Crypto Adoption
The main cause of fear is the risk of cryptocurrencies supplanting traditional currencies. Customers who pick Bitcoin and USD-backed stablecoins are indicating a rejection of local money issued by any country’s central bank.
The cryptocurrency market is still operational, but market activity is low as the big trading exchanges are closed for the Christmas holiday. This week’s significant crypto-related events are few, with the exception of employment statistics and short-term government bill auctions.
After rising by about 5% over the previous three days, the price of bitcoin dropped by over 1%, and its dominance decreased from over 52% to about 50.5%. Similarly, the trading volume shows no signs of recovery and the value of the global cryptocurrency market fell by 0.50% to $1.67 trillion.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
