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Nigeria’s SEC Grants Approvals to Crypto Operators: A Step Towards Regulation and Acceptance

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In a significant move towards the formal acceptance of cryptocurrency in Nigeria, the Securities and Exchange Commission (SEC) has granted operational approvals to several crypto operators. On Thursday, the SEC announced that it had issued approval-in-principle to two Digital Asset Exchanges to commence operations under its Accelerated Regulatory Incubation Program (ARIP). Additionally, five firms have been admitted to test their models and technologies under the Regulatory Incubation Program (RI).

Among the approved firms are Busha Digital Limited, Quidax Technologies Limited, Trovotech Ltd, Wrapped CBDC Ltd, HousingExchange.NG Ltd, Dream City Capital, and Blockvault Custodian Ltd. The ARIP aims to onboard firms that were operational prior to the introduction of the Rules on Virtual Asset Service Providers in May 2022, while the RI Program is designed to assess and refine the business models of digital asset firms, enabling them to test their products in a regulated environment.

This initiative aligns with recent comments from Zacch Adedeji, chairman of the Federal Inland Revenue Service (FIRS), who mentioned that the government is drafting an executive bill to regulate the cryptocurrency sector to ensure it contributes positively to Nigeria’s economic development.

The SEC’s approvals signify a pivotal shift in Nigeria’s approach to cryptocurrency, especially in light of previous crackdowns on the sector earlier in 2024. These measures were introduced following the lifting of a ban on official crypto transactions in December 2023, primarily targeting operators accused of contributing to the naira’s volatility and financial misconduct.

Michael Adeyeri, CEO of Busha, expressed his satisfaction with the approval, highlighting the firm’s commitment to security and compliance throughout a rigorous five-year engagement with the regulatory process. These approvals mark Busha Digital Limited and Quidax Technologies Limited as Nigeria’s first licensed crypto operators.

The increase in regulatory oversight comes amid Nigeria’s status as one of the largest peer-to-peer (P2P) crypto markets globally, with substantial transaction volumes reported by Chainalysis. Industry analysts, including Senator Ihenyen, advocate for regulation, emphasizing that formal oversight will enhance consumer protection and investor safety.

The SEC has reiterated that only approved digital exchanges and platforms are authorized to conduct crypto trading in Nigeria, underscoring the importance of the ARIP and RI as essential pathways for legitimate entities seeking to introduce digital products and services to the Nigerian capital market. As the regulatory landscape evolves, the SEC continues to play a vital role in shaping the future of cryptocurrency in Nigeria.

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Crypto

Bybit to List $X Tokens for Spot Trading: A Milestone for the X Empire Project

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In an exciting announcement for the cryptocurrency community, Bybit, a leading crypto exchange, has confirmed it will be listing $X tokens for spot trading on October 24, 2024, at 12:00 UTC. This development marks a significant milestone for the X Empire project, a burgeoning initiative powered by the TON blockchain and hosted within the Telegram mini-app ecosystem.

The X Empire project has garnered considerable attention among crypto enthusiasts, driven in part by its innovative “tap-to-earn” gaming model that leverages Telegram’s extensive user base. Currently in its Chill Phase, the project allows participants to earn up to 5% of the total token supply, which amounts to 34.5 billion tokens. This phase will conclude on October 17 at 18:00 UTC, although the X Empire team assures that participation in this phase is not required to be eligible for the initial token distribution of 70%.

Per Bybit’s announcement through its Telegram channel, $X deposits will open on October 18, 2024, at 8:00 AM UTC. The exchange has implemented this early deposit window to facilitate adequate preparation for traders ahead of the token listing. Furthermore, withdrawals will commence the following day, October 25, 2024, at 10:00 AM UTC, and will be conducted exclusively via the TON blockchain.

The response from the X Empire community has been overwhelmingly positive, with members eagerly anticipating the performance of $X tokens on Bybit and other platforms. As a project inspired by notable figures such as Elon Musk, X Empire aims to establish itself firmly within the competitive crypto landscape, bolstered by its recent endorsements and strategic exchange listings.

The inclusion of $X tokens on both Bybit and other exchanges like OKX enhances the credibility of the X Empire project, showcasing the growing relevance of the TON blockchain within the industry. As the project continues to develop, further listings and strategic partnerships are anticipated, reinforcing the potential for substantial growth and community engagement in the future.

With the countdown to the listing now underway, the X Empire project stands poised to make a significant impact in the crypto space, and the excitement surrounding its token is palpable.

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Pavel Durov Under investigation with bail set at $5.56 million in France: Implications for Telegram and Free Speech

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Pavel Durov, the Russian-born founder of the messaging platform Telegram, is currently under formal investigation in France, as confirmed by a statement from a French prosecutor released on Wednesday night. This comes after Durov’s arrest at Paris’s Bourget Airport on Saturday, necessitating a critical examination of the platform’s role in alleged criminal activities.

The investigation entails accusations of complicity in illegal gang transactions, organized crime, and failure to respond to law enforcement inquiries. Durov is now under judicial supervision, with a substantial bail set at €5 million (approximately $5.56 million) and is required to report to the French authorities bi-weekly.

Although Durov was released from police custody earlier on Wednesday, the ongoing investigation highlights Telegram’s lack of content moderation, which has allowed for the proliferation of illicit activities, ranging from trafficking to the sharing of child pornography. The French National Office for Minors has reportedly expressed concerns regarding Telegram’s inadequate responses to court requests on these serious offenses.

Durov, who has cultivated a reputation as the “Mark Zuckerberg of Russia,” has seen his platform grow to over 950 million users globally since its inception in 2013. Despite its encryption features that protect user privacy, this investigation raises significant questions about Telegram’s responsibility in monitoring harmful content and its broader implications for freedom of speech.

The case has sparked international controversy, particularly in Ukraine and Russia, where Telegram plays a vital communication role amid ongoing conflict. The Kremlin has denounced Durov’s detention, framing it as an infringement on free expression. French President Emmanuel Macron has also stated that the decision to investigate Durov is devoid of any political motivations, reinforcing the judiciary’s independence in this matter.

As the investigation unfolds, it remains to be seen how it will affect Telegram’s operations and its users, as well as the emerging dialogue surrounding digital communication, governance, and the balance between security and privacy.

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DOGS Listing Latest Updates: Withdraw DOGS Token Now

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Exciting news is on the horizon for DOGS memecoin holders. The much-anticipated claim for DOGS, the meme coin inspired by Spotty—the beloved mascot of VK, a Russian social media giant created by Pavel Durov—is now open. This token has quickly captured the attention of the vibrant Telegram community, thanks to its unique blend of entertainment and cryptocurrency, making it a standout in the meme coin landscape.

## DOGS Claim Date

As of today, users can initiate their DOGS token claim directly through the Telegram Wallet app. To access the claim, it is essential to have an account on one of the supported exchanges, such as OKX or ByBit, and to ensure that your KYC (Know Your Customer) process is completed. Detailed instructions are available within the app to guide you through each step of the claiming process.

It is important to note that, while the claim process is currently open, the tokens will not be immediately available in your chosen account. The scheduled deposit date for these tokens is the 20th of August, so users are advised to exercise patience. For those who have yet to register on the supported exchanges, links are conveniently provided within the app to facilitate the registration process.

Due to high demand and anticipated traffic, the “claim” button may not appear for every user simultaneously. If you encounter difficulties accessing the app or initiating your claim, it is recommended to try again later. The team is diligently working to manage high traffic and ensure a smooth experience for all users.

## Withdraw DOGS From Telegram

For those preferring to withdraw their DOGS tokens to a non-custodial wallet, this option will become available on August 20th. Until then, ensure that you connect your non-custodial wallet to the app. If you do not yet possess a TON Wallet, acquiring one from Tonkeeper is advisable in preparation for the forthcoming withdrawal option.

## DOGS Price Prediction

The DOGS token’s price has experienced volatility, recently dropping from a bullish surge into a descending channel characterized by lower highs and lows. Currently trading at $0.00953—below the community’s expectation of $0.04—the price faces critical resistance at $0.01100. Should the bulls manage to break this level, DOGS could potentially rise to $0.01800 or even $0.02300. Conversely, failure to overcome this resistance might lead to new lows, continuing its bearish trend.

DOGS has rapidly cultivated a loyal and enthusiastic community, celebrating the vibrant spirit of the Telegram community while offering not only value but also a sense of joy and connection. With this latest update, DOGS is poised to further solidify its position as a unique and cherished asset within the crypto space.

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