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The constant evolution and betterment of blockchain technology have forced the financial giants to implement the technology in the traditional banking sector.
The Blockchain Association of Nigeria has recently urged the Federal Government to structure a framework for cryptocurrency exchanges and Binance. It is claimed that the sudden approach to regulation came after the surging concern against Binance in the Nation.
Binance is one of the biggest and most used cryptocurrency exchanges for spot trading. The exchange leads its operations in over 100 nations. The nation’s VASP code of conduct was developed in 2022 and is publicly available.
In a conversation with a regional media outlet, Obinna Iwuno, the president of SiBAN, said that regulating the industry aims to set up an ethical and local blockchain industry.
Oninna adds, “We believe in being partners in progress with the government. Through the implementation of our code of conduct, we aim to send a clear message about our commitment to ethical conduct and professionalism within the virtual assets industry.
SiBAN stands ready to contribute to the growth and regulation of this evolving sector.”
In his opinion, the decision to regulate the sector will boost the confidence and regional adoption of the region.
The president said, “We expect the regulators to invite us for a discussion on the way forward to sanitize the digital asset industry.” and “This is just a code of conduct that needs legal backing. We cannot expand beyond what we have done; if they need us to help them do that, we can do that.”
There are 16 codes entitled in the code of conduct applied to VASPs in the region, including SiBAN and non-SiBAN members.
In the past few quarters, dozens of nations globally have reframed their rules to lure more users into the crypto space. Singapore is known as the crypto hub, although Hong Kong might compete soon.
Market Price Update
Since the beginning of 2024, the market capitalization has flourished significantly, and significant growth in adoption has been seen. As of writing, the market capitalization was $2.49 Trillion, with an increase of 3.45% in the past 24 hours.
However, analysts state the growth is nourished by the inflow of massive funds in the ecosystem post-BTC spot ETF approval.
In the past 24 hours, eCash (XEC) grew more than 60%, making it the list leader. Shiba Inu(SHIB) surged 45.54%, Theta Network (THETA) 33.19%, BitTorrent (BTT) 24.47%, and Internet Computer (ICP) 23.46%.
Dogwifhat (WIF) has flourished more than 300% in the past six months. Most recently, it crossed the milestone of $1.00. In the past 365 days, WIF has been the most flourishing memecoin of the market.
Ethereum, the second most talked about crypto in the market, has crossed the much-awaited milestone of $3500. When writing, it was trading at $3,695 with an intraday growth of 5.31%.
According to the market observers, the continuous growth of Ethereum is backed by the yet-to-be-approved Ether spot ETF. The spot ETF of Ethereum may secure a green signal in May 2024.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
