Amid the #EndBadGovernanceInNigeria protests in Nigeria, a notable shift is occurring within the country’s cryptocurrency sector. As the general public demands sweeping governance reforms, crypto community leaders are seizing the opportunity to advocate for specific regulatory changes.

Rume Ophi, former secretary of the Blockchain Stakeholders Association of Nigeria (SiBAN), stressed the critical need to integrate crypto-focused demands into the broader agenda of the protests.

Ophi explained the dual benefit of such requirements, noting that proper regulation can spur substantial economic growth by attracting investors and creating job opportunities. Ophi noted, “Including calls for favorable crypto regulations is not just about the crypto community; it’s about leveraging these technologies to foster broader economic prosperity.”

Existing government efforts

In opposition to Ophi’s call for action, Chimezie Chuta, chair of the National Blockchain Policy Steering Committee, presents a different view. He pointed out The Nigerian government continued efforts to nurture the blockchain and cryptocurrency industries.

According to Chuta, the creation of a steering committee was essential to effectively address the needs of the crypto community.

Chuta also highlighted the creation of a subcommittee to harmonize regulations for virtual asset service providers (VASPs). With the aim of streamlining operations and providing clear regulatory direction, the initiative involves cooperation with major organizations including the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN). “Our efforts should mitigate the need for protest as substantial progress is being made to address the needs of the crypto industry,” Chuta said.

A united call for support

The ongoing dialogue between the crypto community and government agencies reflects a complex landscape of negotiations and demands for progress.

While actors like Ophi are calling for more direct action and the inclusion of crypto demands in protest agendas, government figures like Chuta are advocating for recognition of the steps already taken.

As protests continue, the crypto community’s push for regulatory reform highlights a crucial aspect of Nigeria’s broader fight to improve governance and economic policies. Both sides agree that favorable regulations are critical to the successful adoption and implementation of blockchain technologies, signaling a potentially transformative era for Nigeria’s economic framework.

Read also : OKX Exchange Exits Nigerian Market Amid Regulatory Crackdown

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photo by Shubham Dhage on Unsplash

As the cryptocurrency landscape continues to evolve, the need for clear regulation has never been more pressing.

With Vice President Kamala Harris now leading the charge on digital asset regulation in the United States, this represents a unique opportunity to start fresh. This fresh start can foster innovation and protect consumers. It can also pave the way for widespread adoption across industries, including real estate agencies, healthcare providers, and online gaming platforms like these. online casinos ukAccording to experts at SafestCasinoSites, these platforms come with benefits such as bonus offers, a wide selection of games, and various payment methods. Ultimately, all this increase in adoption could propel the cryptocurrency market forward.

With this in mind, let’s look at the current state of cryptocurrency regulation in the United States, a complex and confusing landscape. Multiple agencies, including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Financial Crimes Enforcement Network (FinCEN), have overlapping jurisdictions, creating a fragmented regulatory environment. This lack of clarity has stifled innovation as companies are reluctant to invest in the United States, fearing regulatory repercussions. A coherent and clear regulatory framework is urgently needed to realize the full potential of cryptocurrencies in the United States.

While the US struggles to find its footing, other countries, such as Singapore and the UK, are actively looking into the cryptocurrency sector by adopting clear and supportive regulatory frameworks. This has led to a brain drain, with companies choosing to locate in more conducive environments.

Vice President Kamala Harris has a unique opportunity to change that narrative and start over. Regulation of cryptocurrencies. By taking a comprehensive and inclusive approach, it can help create a framework that balances consumer protection with innovation and growth. The time has come for clear and effective regulation of cryptocurrencies in the United States.

Effective regulation of digital assets is essential to foster a safe and innovative environment. The key principles guiding this regulation are clarity, innovation, global cooperation, consumer protection, and flexibility. Clear definitions and guidelines eliminate ambiguity while encouraging experimentation and development to ensure progress. Collaboration with international partners establishes consistent standards, preventing regulatory arbitrage. Strong safeguards protect consumers from fraud and market abuse, and adaptability allows for evolution in response to emerging trends and technologies, striking a balance between innovation and protection.

The benefits of effective cryptocurrency regulation are multiple and far-reaching. By establishing clear guidelines, governments can attract investors and mainstream users, driving growth and adoption. This can, in turn, position countries like the United States as global leaders in fintech and innovation. Strong safeguards will also increase consumer confidence in digital assets and related products, increasing economic activity.

A thriving crypto industry can contribute significantly to GDP and job creation, which has a positive impact on the overall economy. Furthermore, effective regulation has paved the way for the growth of many businesses such as tech startups, online casinos, and pharmaceutical companies, demonstrating that clear guidelines can open up new opportunities without stifling innovation. This is a great example of how regulation can allay fears of regressive policies, even if Kamala Harris does not repeal the current progressive approach. By adopting effective regulation, governments can create fertile ground for the crypto industry to thrive, thereby promoting progress and prosperity.

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Big news! The latest regulatory changes in South Korea are expected to impact major cryptocurrency exchanges like Upbit and Bithumb. Under the updated regulations, these platforms will now have to pay monitoring fees, which could cause problems for some exchanges.

Overview of new fees

In the latest move to regulate cryptocurrencies, the Financial Services Commission announced on July 1 the revised “Enforcement Order of the Act on the Establishment of the Financial Services Commission, etc.” update “Regulations on the collection of contributions from financial institutions, etc.” According to local legislation newsThe regulations require virtual asset operators to pay supervisory fees for inspections conducted by the Financial Supervisory Service starting next year. The total fees for the four major exchanges are estimated at around 300 million won, or about $220,000.

Apportionment of costs

Upbit, which holds a dominant market share, is expected to bear more than 90% of the total fee, or about 272 million won ($199,592) based on its operating revenue. Bithumb will pay about 21.14 million won ($155,157), while Coinone and GOPAX will contribute about 6.03 million won ($4,422) and 830,000 won ($608), respectively. Korbit is excluded from this fee due to its lower operating revenue.

Impact on the industry

The supervision fee will function similarly to a quasi-tax for financial institutions subject to inspections by the Financial Supervisory Service. The new law requires any company with a turnover of 3 billion won or more to pay the fee.

In the past, fees for electronic financial companies and P2P investment firms were phased in over three years. However, the taxation of virtual asset operators has been accelerated, reflecting the rapid growth of the cryptocurrency market and increasing regulatory scrutiny.

Industry reactions

The rapid introduction of the fee was unexpected by some industry players, who had expected a delay. Financial Supervisory Service officials justified the decision by citing the creation of the body concerned and the costs already incurred.

While larger exchanges like Upbit and Bithumb can afford the cost, smaller exchanges like Coinone and GOPAX, which are currently operating at a loss, could face an additional financial burden. This is part of a broader trend of declining trading volumes for South Korean exchanges, which have seen a 30% drop since the new law went into effect.

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The cryptocurrency industry has performed remarkably well since its inception, but it now faces a critical hurdle that requires careful thought and regulatory expertise to overcome. Despite the rapid growth of the industry and the rate of global adoption, the gap between the industry and global regulation is only widening as new innovations enter the public domain.

Despite efforts by both parties, regulators’ lack of familiarity with crypto and the industry’s lack of regulatory expertise are hampering innovation in the sector. To address this issue, traditional financial institutions (TradFi) like MultiBank Group have started venturing into the crypto space.

The regulatory void

Over the past decade, the cryptocurrency industry has seen tremendous growth, with tech entrepreneurs and forward-thinkers founding a multitude of crypto platforms and protocols to push the boundaries of the space. The challenge these newcomers face, often unaware of the hurdles posed by financial regulators, can quickly overwhelm and paralyze operations.

On the other hand, regulators most attuned to decentralized finance systems may be equally baffled by the complexities of decentralization and blockchain technology. The lack of understanding faced by innovators and regulators creates a stark regulatory divide between the two sides, leading to misunderstandings and potential conflicts.

To overcome this miscommunication, a bridge must be built to ensure future stability of the crypto industry and clearer legislation from regulators.

Efforts to bring the industry closer together

The gap between the cryptocurrency industry and regulators is gradually narrowing as efforts to regulate cryptocurrency and Web3 space activities gain momentum. In many countries, specific regulatory measures are being put in place, aimed at strengthening the oversight of crypto transactions, crypto exchanges, and initial coin offerings (ICOs).

Despite this positive development, these new regulations can differ significantly from jurisdiction to jurisdiction around the world. This fragmentation results in a regulatory environment filled with obstacles, bottlenecks, and varying requirements and prohibitions. As crypto companies and financial trading institutions try to navigate, the regulatory maze is becoming increasingly complicated.

Equity finance institutions like MultiBank Group are working to solve this problem, as one of the largest financial derivatives institutions in the world with over 12 licenses across multiple continents. Established in 2005, the group has an excellent global reputation, deep expertise in financial regulation, and has now ventured into the crypto space via MultiBank.io.

MultiBank.io: TradFi Excellence in the Cryptocurrency Field

Expanding into the cryptocurrency sector via MultiBank.io has enabled MultiBank Group to bring regulatory clarity and confidence to the digital asset sector. With a substantial daily trading volume of $12.1 billion, the timely decision to enter the cryptocurrency sector has the potential to set regulatory precedents and standards for years to come.

By contributing to the development of sensible and well-thought-out regulations, MultiBank.io’s established reputation allows the company to communicate effectively and clearly with regulators. Unlike other players in the industry without regulatory expertise, MultiBank.io facilitates the Group’s commitment to strict regulatory standards, the scope of oversight and establishes the necessary transparency.

The company’s approach ensures that regulatory licenses are acquired up front, compliance is met globally without jurisdictional barriers, and transactions remain secure at all times. By helping to develop robust regulations that are both clear and conducive to innovation, MultiBank Group envisions standardizing the entire cryptocurrency industry for other potential innovators.

One of the biggest challenges in building a clear bridge between regulators and the crypto industry is effective communication. By leveraging its institutional experience in trading and acting as an intermediary with regulators, MultiBank Group is able to translate the needs of the industry to those who shape it.

This quality of mediation is essential to ensure that regulation contributes to the development of essential technological advances rather than hindering their implementation and growth. Through the prism of TradFi, by examining the complexity of the crypto industry, MultiBank Group is able to deconstruct unknown crypto topics for regulation and create a safer and more secure space.

Where TradFi and Crypto Meet

Regulation is essential for traders, investors and everyday users of cryptocurrency platforms and for their safety when participating in the cryptocurrency markets. While strict regulation is necessary to ensure stable market integrity, innovation must always be taken into account, which MultiBank Group considers a priority.

Where TradFi and crypto converge, the Group is here to provide a balanced approach to ensure the defense of both the crypto industry and regulators seeking to protect retail and institutional investors. This balance is essential to maintaining a thriving space for crypto innovation to flourish without compromising the security of funds or user data.

As more crowdfunding institutions like MultiBank Group enter the cryptocurrency space with ever-increasing expertise in regulatory understanding, the future of the industry is looking increasingly bright. The financial freedoms of the crypto space, coupled with regulatory oversight for financial security, will be the beacons of future success for the entire cryptocurrency industry.

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