Nigeria Encourag

Nigeria Encouraged to Adopt European Crypto Regulations for ECOWAS

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Nigeria’s crypto community has praised Europe’s Markets in Crypto-Assets Regulation (MiCA) stablecoin rules as a positive development, saying it is important for jurisdictions to prioritize their interests regarding crypto projects, thereby protecting their local currencies.

In an interview with Cointelegraph, Nigerian data and policy analyst Obinna Uzoije shared his thoughts on what the Economic Community of West African States (ECOWAS) can learn from Europe’s MiCA. He highlighted the numerous advantages that ECOWAS’s regulatory framework regarding cryptocurrency would bring to its member states.

MiCA’s stablecoin regime

Uzoije pointed out that stablecoins are currently the most prominent use case for crypto assets. According to him, Africa, in particular, has more transactions using stablecoin than any other type of digital asset.

Given this context, the MiCA’s “Stablecoins Regime,” which takes effect on June 30, becomes a significant milestone for crypto asset regulation in Europe and potentially beyond.

With no transitional period, this regulation requires issuers and other entities to obtain a MiCA license to publicly offer or trade asset-referenced tokens (ARTs) or e-money tokens (EMTs) within the European Union.