Virtual Free Zones
Nigeria, Binance in early-stage talks for crypto-friendly economic zone
The Nigerian government has held a preliminary meeting with crypto exchange Binance to potentially establish a special economic zone aimed at supporting crypto and blockchain-related businesses. According to a Sept. 2 post from the Nigeria Export Processing Zones Authority (NEPZA), the authority has held preliminary talks with Binance and technology infrastructure company Talent City to discuss the proposed digital city, referred to as a “Virtual Free Zone.” NEPZA managing director Adesoji Adesugba said the proposed zone will be a first in West Africa and act similar to Dubai’s virtual zones, which are designed to provide crypto-friendly laws, regulations, and tax incentives for crypto businesses. Professor Adesoji Adesugba (NEPZA MD/CEO), Sameera Kimatrai (Binance Senior Legal Counsel), L...
