Nigeria's crypto market faces a conundrum as the government proposes hiking registration fees for exchanges from $18,620 to $93,000. This move invites "big boys" like Coinbase to operate, but restricts P2P services, which are popular in Nigeria.
- CEO of Noones, Youssef, suggests treating P2P traders as assets and working with crypto stakeholders to boost the economy.
- Despite regulation challenges, Youssef remains optimistic about Nigeria's position in the crypto ecosystem.
- Meanwhile, the Nigerian government's partnership with Gluwa to improve eNaira adoption could have taken a different approach, like stimulating local growth and supporting entrepreneurs.
Nigeria, the world's biggest P2P market, continues to grapple with its love-hate relationship with crypto.