Nigeria Leads Kenya in Cryptocurrency Regulation, According to Yellow Card MD
Lasberry Chioma Oludimu, Managing Director of Yellow Card Nigeria, states that Nigeria has advanced further than Kenya in cryptocurrency regulation, currently undergoing regulatory incubation under the SEC. This phase allows exchanges to secure preliminary approval despite regulatory challenges. Kenya remains behind, still attempting to pass relevant legislation. Yellow Card is pursuing regulatory approval as part of its growth strategy in Nigeria.
The Managing Director of Yellow Card Nigeria, Lasberry Chioma Oludimu, asserts that Nigeria outpaces Kenya in terms of cryptocurrency regulation, despite facing significant regulatory challenges. During the LightSpark Developers Day in Lagos, she emphasized that Nigeria is in a phase of regulatory incubation, wherein crypto exchanges can apply for preliminary approval and operate under the oversight of the Securities and Exchange Commission (SEC). This contrasts with Kenya, which is still in the process of passing legislation to regulate the sector. Oludimu stated that Nigeria’s regulatory framework is not only advanced but is also being emulated by other countries like Malawi. Furthermore, Yellow Card is actively pursuing regulatory approval in Nigeria following its recent fundraising efforts.
The landscape of cryptocurrency regulation in Africa reveals stark differences between nations. Nigeria is seen as a leader in this area, with its regulatory environment evolving towards a structured framework that encourages innovation while ensuring oversight. In contrast, Kenya, despite its significant crypto user base, has struggled to establish comprehensive regulations, with recent efforts focusing primarily on taxation rather than regulation. This discrepancy highlights Nigeria’s proactive approach in fostering a balanced regulatory environment for cryptocurrency activities within its borders.
In summary, Nigeria stands out as a leader in cryptocurrency regulation in Africa, with advanced mechanisms like the regulatory incubation phase facilitated by the SEC. This positions it ahead of Kenya, which is still grappling with legislative hurdles. As companies like Yellow Card seek official licensing, the regulatory landscape in Nigeria is expected to continue developing positively, with potential influence on neighboring countries striving for effective crypto regulation.
Original Source: technext24.com
