Binance continues to assist various cities and countries in expanding their crypto ecosystems.
Binance, one of the largest crypto exchanges established in 2017 by Changpeng Zhao, is one of the companies to help Nigeria build a Virtual Free Zone.
According to the blog post shared by Nigeria Export Processing Zones Authority (NEPZA), the institution held a meeting with Talent City CEO Luqman Edu, NEPZA director Sikiru Lawal, and Binance Executive Director Nadeem Ladki to discuss the matter.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Bullish vs Bearish Markets: How to Predict it? (Animated)
The NEPZA noted that Virtual Free Zone will be a great place for crypto businesses to flourish. It will offer tax incentives for crypto businesses, as well as crypto-friendly laws and regulations, and will be similar to Dubai’s virtual zones.
NEPZA’s Managing Director Mr. Adesoji Adesugba noted:
We seek to break new grounds to widen economic opportunities for our citizens in line with the mandate of the Authority, the directive of the Honourable Minister, and the economic development agenda of President Muhammadu Buhari.
According to the data provided by Tripple A, Nigeria is the fourth country with the highest crypto adoption rate. It is estimated that around 22 million people in Nigeria have owned or currently own crypto.
Adesugba, when talking about the plans to launch countries Virtual Free Zone, said:
Our goal is to engender a flourishing virtual free zone to take advantage of a near trillion dollar virtual economy in blockchains and digital economy.
Nigeria is not the first country Binance aims to help to expand its crypto ecosystem. On August 26th, Binance signed a Memorandum of Understanding (MoU) with the city of Busan, aiming to be a part of its blockchain development journey.
According to the statements, Binance will assist Busan by providing technological and infrastructural support to the city. Among other things, Binance is planning to fund blockchain-related research and use Binance Academy to launch several blockchain-related educational and online resources.
