Binance, a cryptocurrency exchange platform, is collaborating with Nigeria to establish West Africa’s first digital economic zone, similar to Dubai’s virtual free zone. Nigeria will be able to be part of the near trillion-dollar virtual economy globally. Nigerians remain one of the world’s highest crypto-adopters. Binance’s collaboration with Nigeria is the same as their recent engagement with the South Korean city of Busan, to help the cities engage in the blockchain ecosystem and promote the country’s digital assets.
Binance is the world’s leading blockchain ecosystem, with the highest digital asset exchange and a mission to be the infrastructure service provider in cryptocurrency. The free virtual trade zone will exempt companies operating within it from all forms of taxation. Nigeria’s joining with Binance to build a free trade zone will help facilitate Nigerian entrepreneurs’ adoption of blockchain to diversify Nigeria’s oil-dependent economy. The free digital trade zone will be able to help Africa’s blockchain businesses earn, hold, and spend their digital assets freely. Nigeria’s government is still tight on the crypto market due to the threat crypto poses to the country’s financial economy. However, this new development will help bring about a new law to protect investors and allow market transparency.