FG Plans Crypto-friendly Free Zone with Binance

FG Plans Crypto-friendly Free Zone with Binance

FG Plans Crypto-friendly Free Zone with Binance. 

  • The intended zone would focus on blockchain and the digital economy, making Nigeria a hub for global digital assets.
FG to Create Crypto-friendly Free Zone with Binance
Unsplash | Peio Bty

The Federal government has announced a plan to create its first virtual crypto-friendly free zone in West Africa in a possible partnership with Binance and Talent city, Choc News reports.

The partnership would be a landmark development in digital finance, blockchain economy, and virtual free zones.

In a statement released by the Nigeria Export Processing Zones Authority (NEPZA), the agency explained that it had preliminary meetings with the crypto exchange and tech infrastructure company Talent City regarding a crypto-friendly economic zone similar to Dubai’s virtual free zone.

NEPZA, a regulatory agency in charge of regulation and operation of trade-free zones in the country, stated that the intended zone would focus on blockchain and the digital economy, making Nigeria a hub for global digital assets and promoting long-term economic growth, NEPZA stated.

At the meeting, NEPZA director Sikiru Lawal, Binance Executive Director Nadeem Ladki, and Talent City CEO Luqman Edu discussed the matter.

“Our goal is to engender a flourishing virtual free zone to take advantage of a near trillion-dollar virtual economy in blockchains and digital economy,”

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NEPZA’s Managing Director, Adesoji Adesugba, said,

“We seek to break new grounds to widen economic opportunities for our citizens in line with the mandate of the Authority, the directive of the Honourable Minister, and the economic development agenda of President Muhammadu Buhari.”

“Our goal is to engender a flourishing virtual free zones to take advantage of a near trillion dollar virtual economy in blockchains and digital economy”, he said.

The NEPZA noted that Virtual Free Zone would be suitable for crypto businesses to flourish. It will offer tax incentives for crypto businesses and crypto-friendly laws and regulations, like Dubai’s virtual zones.

Binance is a leading global digital, blockchain finance services firm operating worldwide with billions of dollars in operating capitalization.

Binance was represented at the parley with NEPZA by Nadeem Ladki, its Executive Director, Regional Strategic Partnerships, and Sameera Kimatrai, Binance Senior Legal Counsel.

Also in attendance was Luqman Edu, Chief Executive of Talent City and Engr. Sikiru Lawal, NEPZA’s Director of Projects & Procurement.


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