Nigerian crypto exchange Roqqu receives European virtual currency license
Nigerian crypto exchange Roqqu was granted a virtual currency license for the European Economic Area, after two years waiting for the permission from regulatory authorities. The move allows the firm to operate in 30 countries and broaden its services within one of the world's largest crypto markets.
Speaking to Cointelegraph, the company said that seeks to attract early traders looking to gain an edge in the crypto space by offering a better experience for newcomers and competitive fees.
With the expansion, Roqqu plans to reach over 5 million users in 2023, up from 1.4 million users in Nigeria, the only country in which the exchange operated until the license was granted. Among the African countries where the exchange plans to provide services in the coming months are South Africa, Ghana, Uganda, Kenya, and Tanzania.
Africans living abroad have sent over $5 billion yearly to relatives back home, told Cointelegraph Roqqu CEO Benjamin Onomor. In some cases, remittances can take days before reaching the destination.
Over the years, cryptocurrency adoption has grown in Africa. According to data from Chainalysis, the Middle East and North Africa (MENA) region is the fastest growing in the world, with users transitioning $566 billion in cryptocurrencies between July 2021 and June 2022, a 48% increase compared to the previous year.
Related: Nigeria revisits its payments landscape amid sluggish eNaira adoption
"It went from being perceived as a scam or another form of Ponzi scheme to one of the most sought after asset classes in Africa.", commented Onomor about the industry evolution in Africa.
Among the challenges faced by the crypto community in the region are "lack of access to good internet or even any form of internet in
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