Nigeria urged to adopt crypto regulations inspired by Europe
Nigerian data and policy analyst Obinna Uzoije noted that a unified regulatory framework for all ECOWAS member states would offer potential crypto investors much-needed clarity.
Nigeria’s crypto community has praised Europe’s Markets in Crypto-Assets Regulation (MiCA) stablecoin rules as a positive development, saying it is important for jurisdictions to prioritize their interests regarding crypto projects, thereby protecting their local currencies.
In an interview with Cointelegraph, Nigerian data and policy analyst Obinna Uzoije shared his thoughts on what the Economic Community of West African States (ECOWAS) can learn from Europe’s MiCA. He highlighted the numerous advantages that ECOWAS’s regulatory framework regarding cryptocurrency would bring to its member states.
Uzoije pointed out that stablecoins are currently the most prominent use case for crypto assets. According to him, Africa, in particular, has more transactions using stablecoin than any other type of digital asset.
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Author: Amaka Nwaokocha
