FTX Pushes for Regulatory Framework in Crypto Market

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Given the massive trade volume of cryptocurrency in Africa, Nigeria inclusive, a centralized cryptocurrency exchange firm, FTX, has called on the federal government to license crypto trading and develop a regulatory framework that will guide the operations of cryptocurrency business in Nigeria.

FTX is a native token designed for the cryptocurrency derivatives exchange FTX, with numerous uses designed to benefit users and increase network effects around the platform.

During its third anniversary in Lagos, the firm made the call, which was attended by industry players, including some state government officials.

Business Development Manager, FTX in Africa, Mr. Adebayo Juwon, said: “FTX is the most licensed crypto globally in the US, Japan, Europe, and the United Arab Emirates (UAE).

According to him, “The rate is low in Nigeria and other African countries because governments are not providing the regulatory framework needed to guide cryptocurrency trading operations.

“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 stated that in less than three years, FTX reached a valuation of $32 billion, with six million registered users operating in 200 countries across the world.

He explained the platform’s unique features: “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 cryptocurrencies.

“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.”

While advising the federal government on better ways to enhance seamless financial transactions, the Special Assistant to Oyo State Governor on Information and Communications Technology (ICT), Mr. Bayo Akonde, 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 the government achieve credible results in the general election, 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 unauthorized access to tamper with it.

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