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Nigeria urged to adopt crypto regulations inspired by Europe

The Economic Community of West African States (ECOWAS) is set to introduce new regulations for cryptocurrencies, taking inspiration from the Markets in Crypto-Assets (MiCA) framework established by the European Union (EU).

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The Economic Community of West African States (ECOWAS) is set to introduce new regulations for cryptocurrencies, taking inspiration from the Markets in Crypto-Assets (MiCA) framework established by the European Union (EU).

This regulatory move marks a significant step towards formalizing the use of digital currencies within the West African region. By drawing on MiCA, ECOWAS aims to create a structured framework that addresses the complexities of crypto-assets while ensuring consumer protection and market integrity.

The decision reflects ECOWAS’ proactive approach to navigating the evolving landscape of digital finance. As cryptocurrencies gain traction globally, the regional bloc seeks to establish clear guidelines to promote innovation while mitigating risks associated with virtual assets.

The implementation of MiCA-inspired regulations is expected to foster transparency and accountability within West Africa’s cryptocurrency sector. It also signals ECOWAS’ commitment to aligning with international standards, facilitating cross-border transactions, and enhancing financial inclusion across member states.

With the draft regulations drawing from MiCA’s principles, ECOWAS aims to provide a balanced regulatory environment that supports the growth of digital currencies while safeguarding against illicit activities. The initiative underscores the region’s readiness to embrace digital transformation and harness the potential benefits of blockchain technology.

As the regulatory framework takes shape, stakeholders within ECOWAS anticipate that the adoption of clear guidelines will bolster investor confidence and stimulate sustainable growth in the cryptocurrency market. The move highlights ECOWAS’ strategic vision to harness digital innovations for economic development while ensuring a secure financial environment for all participants.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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