BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Weekly Roundup: Nigeria’s SEC Issues New Crypto Asset Framework, Luno’s Take on the New Crypto Regulations & More

Weekly Roundup: Nigeria’s SEC Issues New Crypto Asset Framework, Luno’s Take on the New Crypto Regulations & More
In this week’s news roundup, you’ll read about the new crypto asset framework announced by the Securities Exchange Commission in Nigeria, Luno’s views on the just-announced crypto regulatory framework in Nigeria, and more.
Nigeria’s SEC Issues New Crypto Asset Framework
Nigeria’s Securities Exchange Commission (SEC) has released new rules relating to the custody, exchange, and issuance of digital assets in the country. The news comes exactly 20 months after the Commission had issued a statement on how it would treat and classify digital assets.
The new rules require token issuance exchanges and platforms to keep trust accounts with receiving banks, a move that completely contradicts that of the Central Bank of Nigeria (CBN) which currently restricts local financial institutions from carrying out business with crypto-related businesses.
SEC’s latest development is expected to legitimise crypto and crypto-related businesses which in turn would help boost crypto adoption in Nigeria.
Companies looking to provide any kind of crypto services and products will have to secure a virtual asset service provider (VASP) license in addition to the relevant category licenses stipulated in the publication. SEC’s move is also expected to provide the CBN with a regulatory framework that it could use to advise financial institutions in the country on how to interact with crypto.
Luno’s Views on Nigeria’s New Crypto Regulatory Framework
Following the newly introduced crypto regulatory framework by Nigeria, cryptocurrency exchange Luno  shared its views on the announcement.
The move signals a change of attitude from authorities towards the growing crypto industry and counteracts the CBN’s circular that banned all financial institutions from working with crypto exchanges in the country.
SEC’s latest announcement could act as a harbinger for CBN to review its stance and provide the needed foundation for the mass adoption of crypto in Nigeria.
Speaking on the SEC’s proposed framework, Luno’s Country Manager for Nigeria, Owen Odia, said:
“At Luno, we strongly believe today’s developments could mark a major breakthrough in not only delivering much-needed clarity and protection for crypto customers, but also for businesses. Since launching in Nigeria in 2015, we’ve always prided ourselves on consistently adopting an open and proactive approach towards regulation and with the SEC’s new framework, our hope is that our current and potential users will have even greater confidence to trust us with their funds as we strengthen our push to raise the standards of our industry.”
Odia went on to add that the exchange is open to helping the SEC navigate the nuances of crypto and create regulations that will protect consumers without suppressing the crypto sector. Currently, Luno has over three million customers and gets an average of over 4,000 app installations per day in the Nigerian market alone. The exchange is also registered with the Nigerian Financial Intelligence Unit and complies with stringent KYC and AML processes in all 40 countries it operates.
Mara Secures $23 Million in Funding to Build a Pan-African Cryptocurrency Exchange
Mara , a Pan-African company offering a suite of cryptocurrency products, has raised $23 million to develop a Pan-African cryptocurrency exchange that will act as a portal to the crypto economy for Africans.
As reported in VentureBeat, Mara’s funding round was backed by major investors such as Coinbase Ventures, Alameda Research (FTX), DAO Jones, Distributed Global, TQ Ventures, and other angel and crypto investors.
Besides the funding announcement, the Lagos and Nairobi-based company also announced a partnership with the Central African Republic (CAR) that will see Mara become the official crypto partner in the country as well as an advisor to the country’s President on crypto matters. CAR became the first country in Africa to pass a bill legalising Bitcoin as a legal tender and the second in the world to do so.
To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

The post Weekly Roundup: Nigeria’s SEC Issues New Crypto Asset Framework, Luno’s Take on the New Crypto Regulations & More appeared first on BitcoinAfrica.io .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Weekly Roundup: Nigeria’s SEC Issues New Crypto Asset Framework, Luno’s Take on the New Crypto Regulations & More


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



Dokky PRO - Bookcase Shop Script