As Nigerian authorities target unregistered crypto exchanges following tensions between regulatory Institutions and crypto companies operating within the nation, India has emerged as the global leader in cryptocurrency adoption.
According to reports from blockchain firm Chainalysis, this is the second consecutive year India has emerged on top.
In a recent survey, India had imposed strict regulations and high trading taxes on the crypto exchanges, pushing citizens to march into centralized exchanges and decentralized finance assets.
Meanwhile, Nigeria through Nigerian Securities and Exchange Commission (SEC) has announced regulation against noncompliant crypto players.
According to the Director General of SEC; “We are certainly going to commence enforcement actions on anyone who wants to operate in this market without the intention of being regulated. For those that do not want to play with the books, we will not allow them to operate within our space.”
Recall that in February 2024, the Nigerian government engaged with a couple of crypto firms operating within the country, claiming that their operations impose a threat on the local economy.
Binance was the major crypto exchange on the receiving end as Nigeria pressured them to halt operations within the region.
The Nigerian authorities then detained two of Binance’s executives, with of them absconding.
However, as crypto users in Nigeria still face restrictions and uncertainty, their peers in India are experiencing growth in the industry , including Binance resuming operations after addressing regulatory concerns.
Additionally, there might be light at the end of the tunnel following an Approval-In-Principle to two local exchanges by the SEC on August 2024.
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