The Nigerian Export Processing Zones Authority (NEPZA) is in discussions with crypto exchange Binance over plans to create a virtual free zone focusing on blockchain and the digital economy, the agency said in a Saturday press release.
NEPZA, which helps regulate and operate free zones in the country, wants the result to be similar to Dubai's virtual free zone. In December of last year Binance agreed to help Dubai establish an industry hub for global digital assets with the aim of promoting long term economic growth and encouraging a range of crypto companies to become licensed in the emirate.
"Our goal is to engender a flourishing virtual free zones to take advantage of a near-trillion-dollar virtual economy in blockchains and digital economy," Adesoji Adesugba, NEPZA's managing director, said in the statement.
Binance was not immediately able to comment when contacted by CoinDesk.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.