FTX Urges FG To Provide Regulatory Framework For Crypto Market

The Federal Government has been urged to consider the licensing of blockchain technology in Nigeria, particularly crypto trading.

FTX, a native token designed for the cryptocurrency derivatives exchange made the call in Lagos State on Wednesday, Naija News understands.

Speaking at the third anniversary of the firm yesterday, Business Development Manager, FTX in Africa, Mr Adebayo Juwon lamented restrictions on the blockchain technology in Africa, Nigeria inclusive.

He urged the Nigerian government to licence crypto trading and come up with a regulatory framework that will guide the operations of the crypto market in the country.

Juwon said: “FTX is the most licensed crypto in the world both in the US, Japan, Europe and the United Arab Emirates (UAE).”

He observed that the main reason the crypto trading rate is low in Nigeria and other African countries are that governments are not providing the regulatory framework, needed to guide the operations of cryptocurrency trading.

“If there could be a framework where crypto exchanges can be licensed it will be nice, and I am sure, we will be tagged along. It is the first regulated exchange offering crypto derivatives in the US, licensed to offer products and services in dozens of jurisdictions worldwide,” Juwon noted.

According to him, FXT in less than three years was able to reach a valuation of $32 billion, with six million registered users, operating in 200 countries across the world.

Explaining the importance of blockchain technology, Juwon said: “FTX has low trading fees, sign up and trade in less than three minutes, cross-margining across all products and supported by more than 260 crypto currencies.”

“The innovative products include spot, volatility products, tokenises stocks, TFX Pay and FTX. We are here for everybody. It’s not just for some people, it’s for everybody,” Juwon reiterated at the event attended by industry players, including some state government officials.

While advising the federal government on better ways to enhance seamless financial transactions, the Special Assistant to Oyo State Governor on Inflexions and Communications Technology (ICT), Mr Bayo Akande, said the government must begin to think about adopting blockchain technology to drive all forms of financial transactions. He said Blockchain technology could also help government to achieve credible results in general elections, especially now that Nigeria is preparing for the 2023 general election.

Akande explained that blockchain technology remained a trusted public platform, that will enhance online transactions, which anyone could trace and see, without anyone having unauthorized access to tamper with it.