Business
Tech Experts Advocate for India’s Model in Nigeria’s Crypto Regulation
Technology and cryptocurrency experts are urging the Nigerian federal government to reconsider its approach to regulating cryptocurrencies, advocating for a model similar to India’s recent handling of regulatory issues with Binance. This call comes after India resolved its conflict with Binance, a leading cryptocurrency exchange, by imposing a fine and allowing the company to resume normal operations.
India’s Financial Intelligence Unit (FIU) recently fined Binance $2.25 million for alleged violations of operating rules, including operating without proper registration as a reporting entity. Despite the hefty fine, India allowed Binance to continue its operations, marking a significant milestone in crypto regulation.
Some Nigerian tech experts, particularly those involved in crypto trading, believe that Nigeria should adopt a similar approach. They argue that India’s method of addressing the issue through financial penalties and regulatory compliance, rather than punitive actions, offers a more mature and profitable way of handling crypto regulation.
Currently, Binance is facing legal challenges in Nigeria, including charges of money laundering and tax evasion. This has led to the arrest and continued detention of Tigran Gambaryan, a prominent Binance executive. Experts argue that such aggressive measures are counterproductive and could harm Nigeria’s standing in the global crypto market.
At an event in Lagos, crypto trader Mark Nduagibe emphasized that cryptocurrency is a legitimate technological trading system, not a Ponzi scheme, and should be regulated as such. He highlighted India’s handling of the Binance issue as an example of how Nigeria could manage crypto regulations more effectively.
Nduagibe pointed out that India’s approach contrasts sharply with Nigeria’s, where authorities have taken a more punitive stance. He suggested that Nigeria should consider financial penalties and regulatory compliance instead of arresting executives, which does not benefit the country financially.
Joshua Michael, another crypto trader, echoed Nduagibe’s sentiments, stating that India’s resolution with Binance demonstrates that regulations can be enforced rigorously without becoming oppressive. He argued that Nigeria’s current regulatory tactics, including detaining individuals, could drive away potential investments and stifle innovation in the crypto industry.
The experts believe that by adopting a model similar to India’s, Nigeria could create a more favorable environment for innovation and investment in the cryptocurrency sector, ensuring both regulatory oversight and the growth of the industry.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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