According to Odaily Planet Daily, Nigeria's cryptocurrency community has praised Europe's new Crypto Asset Market Regulatory Authority (MiCA), especially its regulations on stablecoins. They believe that these regulations are beneficial and emphasize the importance of aligning crypto projects with local interests to protect national currencies. Nigerian data and policy analyst Obinna Uzoije discussed the potential lessons that the Economic Community of West African States (ECOWAS) can learn from Europe's MiCA. Uzoije said that stablecoins are currently the most widely used crypto assets, especially in Africa, where the volume of transactions using stablecoins exceeds any other form of digital assets.
Uzoije believes that a unified set of regulations will provide much-needed clarity for potential cryptocurrency investors, simplifying the investment process between different countries by eliminating the need to understand various national regulations. This clarity can reduce regulatory uncertainty, which is a major global barrier to cryptocurrency investment, and make the ECOWAS region more attractive to investors.
