An innovative platform that merges the Web3 experience with a centralised exchange, Bitlink Exchange, has ventured into Nigeria with plans to expand its presence further across various African nations in the coming months. This strategic move aligns with the company’s core mission of facilitating the widespread adoption of Web3 by capitalising on the advancements in Cryptocurrency and Blockchain solutions within the Nigerian market. Jearon Wong, co-founder and CEO, articulated that their strategy for the African market is focused on the long haul: broadening the scope and democratising access to cryptocurrency Education for everyone.
Their objective is to join forces with individuals within the ecosystem in order to enlighten a larger audience about the concept of Web3 and enhance the efficiency of their procedures. The intention, as expressed by him, is for the company to establish a presence in Nigeria first before extending its reach to other African nations. By doing so, they seek to actively involve themselves within local communities and create a cooperative atmosphere that encourages the advancement, education, and acceptance of decentralised technologies.
More players are anticipated to join the space.
Several specialists held the viewpoint that this action would bring about a surge of fresh participants entering the domain. Jasper Stevens, the Regional Manager of Bitlink Africa, firmly believes that Web3 technologies possess immense potential in bridging the prevailing disparities in financial access and opening doors for individuals who have long been excluded from conventional financial systems. Their unwavering dedication lies in crafting an effortlessly navigable platform that ensures convenient and safeguarded entry into the world of cryptocurrency, thereby bolstering economic inclusivity among various demographics in Nigeria and the entire African continent.
Lifting the restriction on Crypto transactions by the Central Bank of Nigeria marks a significant development in the official banking sector. Through a recent circular, the apex bank expressed its preference for regulating virtual assets service providers, encompassing cryptocurrencies and crypto assets, in response to the evident global trends. In light of these advancements, the Financial Action Task Force (FATF) in 2018 took a significant step forward by revising Recommendation 15. This revision made it compulsory for Virtual Asset Service Providers (VASPs) to undergo proper Regulation in order to combat the unlawful exploitation of virtual assets for money laundering, Terrorism financing, and proliferation financing effectively.
New regulations are set regarding the operations of virtual assets.
The Central Bank of Nigeria (CBN) has introduced fresh regulations regarding the operations of bank accounts for virtual asset service providers. These guidelines mandate that individuals involved in the crypto industry must acquire a license from the Securities and Exchange Commission (SEC) and fulfil other conditions prior to being eligible to open a bank account within the country. One section of the guideline states that if a company offering virtual/digital asset services wants to open a designated account, it must provide certain documents as proof. These documents include a valid license issued by the Securities and Exchange Commission (SEC), which allows the company to operate legally as a VASP/DAXIDAOP business.
This document is a certified true copy of various forms and documents that are essential for the functioning of a company. These also include the memorandum and article of association, Form CAC 2 (Statement of share capital and return of allotment of shares), Form CAC 2.1 (particulars of secretary), Form CAC 3 (notice of registered address), and Form CAC 7 (Particulars of Directors). It also emphasises the importance of having a registered address that can be easily verified.
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Web3 embodies a radical evolution of cyberspace, integrating blockchain Technology and decentralisation as its core principles. By seamlessly integrating these elements, Web3 ushers in an era of impregnable security, heightened privacy, and uninhibited online transactions, eliminating the requirement for intermediaries such as financial institutions or Social Media networks. The paramount vision of Web3 lies in its potential to empower individuals worldwide to engage in direct interactions and transactions while retaining ultimate authority over their personal data.