US Senate propose new regulation for cryptocurrencies, SEC overtaken by the CFTC

Two members of the US Senate, Senator Kirsten Gillibrand (Democrat, New York), member of the Senate Agriculture Committee; and Senator Cynthia Lummis (Republican Wyoming), member of the Senate Banking Committee; earlier this month introduced a new Bill for the regulation of cryptocurrencies. The bipartisan Bill, Responsible Financial Innovation Act, aims to create a “complete regulatory framework for digital assets.” according to...

Crypto Lending: Using Cryptocurrency as Security for Fiat Loans and the Status of Cryptocurrency in Nigeria

Due to the fast-growing adoption of cryptocurrencies amongst households in the U.S., the U.S. Department of the Treasury is launching an education campaign to raise awareness about the risks of investing in cryptocurrencies. The initiative is targeted at investors who have limited access to mainstream financial services. The Treasury's Financial Literacy Education Commission will be in charge of this initiative, ensuring...

5 Lessons Nigeria and other crypto-unfriendly countries should learn from the Israeli Securities Authority (ISA)’s approach toward crypto regulation

In February 2022, the Israeli Securities Authority (ISA) unveiled its plans to regulate the crypto industry in Israel. As was observed in an earlier report on the ISA’s plans to regulate crypto, Israel as a nation has always taken the lead globally, in technology and innovation. In the blockchain and crypto space, although Israel is not among the first countries in...

PRESS RELEASE: Blockchain Technology is Not Cryptocurrency and Cryptocurrency is Not Unlawful in Nigeria: To All Public Agencies, Law Enforcement Agencies, Banks, and Other Institutions in Nigeria

Nigeria, 6 March 2022—Press release by Crypto Ladies League Blockchain is a technological innovation that is the entire buzz in recent times. The novel technology is poised to redefine several industrial sectors and we are excited to be a part of this revolutionary technology. Crypto Ladies League, a network of women in the blockchain industry seeking to create an ecosystem that...

The Infallibility of the Central Bank of Nigeria and How the Crypto Industry Pays for It

Introduction If the Supreme Court of Nigeria is not infallible, how much more the Central Bank of Nigeria (CBN)? Over the last one year, CBN has been obsessed with cryptocurrencies. Obviously troubled by the increasing adoption of cryptocurrencies in Nigeria and the rate of cryptocurrency transactions completed with the use of bank accounts, CBN issued its 5 February 2021 circular. Crypto...