There Is Need To Regulate The Cryptocurrency Industry As NFT Sales Skyrocket

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The cryptocurrency industry is growing very fast, and most countries are looking to provide regulation to govern this rapidly expanding segment. For instance, Kyrgyzstan has moved to formally regulate the industry by laying the framework of licensing of crypto exchanges.

Kyrgyzstan wants the crypto sector regulated like Forex

Recently the Kyrgyz Republic’s National Bank revealed that to uphold the industry’s market integrity and protect investors from scammers, thus there is a need for regulation. The central bank announced the move recently and will introduce a new regime that will offer investors the same protection the foreign exchange market enjoys. All Forex platforms in the country hold licenses.

NBRK chair Tolkunbek Abdygulov said that the central bank’s objective is creating conditions for Kyrgyz Republic citizens and clients to enjoy crypto trading. He said that they want a regime where when someone wants to buy crypto, they just go to an exchange, pay money and get their digital assets.

Nigerians looking to circumvent crypto restrictions

While other jurisdictions are laying regulations to govern the industry, in Nigeria, crypto investors are looking for ways of circumventing the regulations. Innovators and foreign techies have renewed their scramble for the Nigerian cryptocurrency market despite the Central Bank Of Nigeria’s restriction on digital currencies. CBN restricted financial institutions and banks from transacting crypto. But, in recent weeks, there has been an increase in virtual meetings with young traders seeking ways to circumvent the regulation.

In one of the online meetings infiltrated by The Guardian through a proxy, youth are encouraged to subscribe to a recently launched credit card. The card allows users to convert crypto into dollar, euro, pound, yen, and yuan.

Non-fungible tokens (NFT) growing in popularity

There is a boom currently, in non-fungible token (NFT) sales, with top marketplaces reporting record volumes. Cryptocurrency assets investment firm, Paradigm’s co-founder Matt Huang noted the milestone by posting a screenshot from CrypotSlam, a data tracker and NFT marketplace. Equally, CryptoSlam reported that a large percentage of trading was happening on secondary markets where crypto-collectibles are changing hands more often.

According to CryptoSlam, NBA Top Shot, a basketball-based collection that launched in October last year, is currently the top-selling NFT platform with $68.5 million shifting in the last 30 days.

Famous musician 3LAU has announced an NFT auction to celebrate the third anniversary of his Ultraviolet album. The “Ultraviolet Vinyl NFT Collection” will be auctioned from February 26 for two days, with the highest bidder collaborating with 3LAU on a new track.

Ripple fails to reach a settlement with SEC over securities infractions

Blockchain firm Ripple and the US Securities and Exchange Commission are yet to settle for the agency’s enforced action over the company’s crypto token. Chances of the parties settling are low before Ripple’s trial for violating securities regulations. In a letter to the Southern District of New York District Court, the parties indicated that despite engaging in negotiations, they don’t believe there is a chance of a settlement for now.

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