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Nigerian blockchain group calls for fair resolution in Binance case

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The Blockchain Industry Coordinating Committee of Nigeria (BICCoN), representing the Nigerian blockchain industry, has called for a balanced approach to resolving the ongoing legal issues between the cryptocurrency exchange Binance and the Nigerian government. This plea comes amid growing concerns about the implications for Nigeria’s blockchain ecosystem and its international reputation.

Call for Balanced Resolutions

BICCoN emphasizes the importance of a fair and transparent resolution to the legal battles involving Binance. They believe that constructive dialogue and collaboration with stakeholders, including international partners, are crucial for addressing regulatory and compliance challenges in Nigeria’s virtual asset and Web3 industry.

Lucky Uwakwe, the president of BICCoN, highlighted the negative impact that the legal battles and the detention of Binance executives have had on the investment climate in Nigeria. He noted that these issues have created an atmosphere of uncertainty and risk, deterring potential investors and partners: “We recommend a fair and transparent resolution, constructive dialogue, and international collaboration to address regulatory and compliance challenges in Nigeria’s virtual asset and Web3 industry.” — Lucky Uwakwe, President of BICCoN

Importance of a Clear Regulatory Framework

While acknowledging the Nigerian government’s responsibility to ensure economic stability and regulatory compliance, BICCoN stresses the need for regulations that foster trust and confidence in the process. Uwakwe commended the Nigerian Securities and Exchange Commission (SEC) for developing a regulatory framework and urged a speedy conclusion to the process. He emphasized the importance of clear regulations, investor confidence, and enhanced regulatory capabilities to effectively manage the cryptocurrency market.

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Immediate and Long-Term Benefits

BICCoN believes that a balanced approach can help resolve the current challenges fairly and sustainably. This approach will not only address immediate concerns but also foster collaborations that will empower Nigeria to create a supportive environment for the blockchain industry to thrive. According to Uwakwe, this will allow for sustainable sectoral growth and innovation in the future.

Legal Context

On February 26, Binance’s regional manager Nadeem Anjarwalla and the head of financial crime compliance, Tigran Gambaryan, were detained in Nigeria. Gambaryan had traveled from the U.S. to Nigeria to assist in the company’s defense against tax evasion and money laundering charges. Binance and its executives face two separate cases by the Federal Inland Revenue Service and the Economic and Financial Crimes Commission, focusing on tax evasion and money laundering/foreign exchange violations, respectively.

BICCoN’s advocacy for a balanced resolution underscores the need for a supportive regulatory environment that promotes innovation while ensuring compliance. By addressing these challenges through fair and transparent means, Nigeria can bolster its blockchain industry and enhance its standing in the international community.

Source: cointelegraph.com

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Switzerland Regulatory Technology Business Report 2024: Market to Surpass $550 Million by 2029, Driven by Collaborative Opportunities and Data Privacy Solutions

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Swiss RegTech Market

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Blockchain Life 2024: The Visionary and Tectum CEO Alex Guseff Among Featured Speakers

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DLA Piper’s crypto tokenization engine TOKO relaunches as Scintilla

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Following a management buy-out by the management team at TOKO FZE, the business has been rebranded as Scintilla, the revolutionary platform providing on-chain solutions and services to make investments more inclusive, accessible, and efficient. Having been developed within DLA Piper’s Law& innovation portfolio, TOKO – now Scintilla has a fresh brand identity, new leadership, and innovative product offerings. Scintilla is set to reshape the future of finance by enabling businesses to unlock the power of blockchain technology across various asset classes, with DLA Piper remaining as a minority shareholder.

Regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), Scintilla is one of the first digital asset companies to gain full market licenses, marking a significant milestone in the sector’s landscape. Being a regulated entity underscores Scintilla’s commitment to the highest standards of compliance and security while pioneering new solutions for tokenization in the global market.

Innovating Finance Through Tokenization

Scintilla offers a comprehensive suite of tokenization services designed to bring liquidity, transparency, and efficiency to traditional finance sectors. From tokenized financial products, and real estate all the way to new legal funding products, Scintilla’s digital asset solutions enable clients to tokenize assets that were previously inaccessible to investors or illiquid.

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Scintilla’s services include:

Advisory Services: The gateway to successful market entry. From initial opportunity assessment to strategic development of game-changing tokenization-based solutions.

Use Case Development: Bringing products to life. From initial POC development and iteration towards MVP all the way through to the full market launch.

Broker/Dealer Services: Creating new markets. Regulated primary market trading, ensuring the highest levels of trust and security within the tokenization space.

Exchange Services: Universal participation. Seamless, secure secondary trading of tokenized assets, with industry-leading technology and compliance standards.

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Scintilla is uniquely positioned to capitalize on the confluence of Dubai’s world-leading regulatory environment, cutting-edge technology, and the burgeoning RWA market.

A New Era for Scintilla

The relaunch of Scintilla represents more than just a rebranding—it signifies the company’s growing ambition to lead in the digital asset space. With an expanded team of industry experts, including continuing Board representation from DLA Piper, and a clear strategic vision, Scintilla is set to drive the adoption of tokenization in traditional financial markets.

“Our relaunch marks the beginning of an exciting new chapter for Scintilla and the wider industry. We are committed to pushing the boundaries of what is possible in digital finance while ensuring our solutions are underpinned by strong regulatory compliance,” said Tim Popplewell, CEO of Scintilla. “With our new suite of products and services, we are empowering investors to transform the way they manage and access value.”

Jean-Pierre Douglas-Henry, Managing Director, Sustainability and Resilience, DLA Piper added: “Innovation is a key strand in our business strategy. As our business focuses on developing and nurturing innovations that add significant value to our clients through our Law& innovation program, it is fantastic to see this solution spun out into the thriving digital asset space for the next stage of its growth and development.”

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