Binance partners with Nigeria to create a Dubai-like digital economic zone
06 Sep 2022
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The world's largest exchange, Binance, has unveiled a partnership with Nigeria. The exchange will work with the country to create an Export Processing Zone Authority (NEPZA). The objective is to create a digital economic zone that will operate similarly to the one based in Dubai.
Binance partners with Nigeria for a digital economic area
The report said that authorities based in Nigeria would develop a zone that would be similar to the Dubai virtual free zone. If Binance and the Nigerian government successfully launch this zone, it would become the first of its kind in West Africa.
The managing director of NEPZA, Adesoji Adesugba, commented on this partnership saying that the country's objective was to create a virtual free zone that would take advantage of the digital asset economy that has already hit a valuation of one trillion dollars. Besides focusing on digital assets, the free zone would also focus on blockchain technology and the digital economy.
Nigeria has one of the highest levels of cryptocurrency adoption in Africa. Despite this, the Nigerian government has not positively approached the crypto industry.
The Central Bank of Nigeria has previously ordered all commercial banks to refrain from supporting crypto-related transactions. According to the central bank, the decision stems from the risks posed by cryptocurrencies to the broader financial system.
In May, the Nigeria Securities and Exchange Commission published a rulebook targeting digital assets in the country. The SEC said that the rulebook ensured investor protection and market transparency.
Binance secures multiple partnerships globally
The partnership between Binance and Nigeria follows a similar partnership between the exchange and Busan city in South Korea. Binance, spearheaded by its CEO, Changpeng Zhao, has entered into a memorandum of understanding (MoU) with Busan city to guarantee that there is technological and infrastructure support for the city.
The move comes as part of an effort to help Busan City to have its blockchain ecosystem. It will also aid in promoting a digital asset exchange for the city. The launch of such a product will be strategic in enabling the exchange to position itself in one of the leading urban areas in South Korea.
The Binance exchange has also secured a deal with the Securities and Exchange Regulator of Cambodia (SERC). The partnership aims to allow Binance to be part of the development of the Cambodian security sector.
On the other hand, the Binance exchange has also unveiled a cryptocurrency education hub in Cameroon. The hub will also be part of the exchange's efforts to boost the country's adoption of cryptocurrencies and blockchain technology.
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