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Nigeria’s Telecom Sector Contributed 16% in Q2 2023, to The GDP

By
Ojukwu Emmanuel
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0

In a recent report published by the Nigerian Communications Commission (NCC), Nigeria’s telecom sector significantly contributed 16 percent in the second quarter (Q2) of 2023, to the country’s GDP.

Executive Vice Chairman of NCC, Prof. Umar Danbatta, said that from a 14.13 percent contribution in the first quarter of 2023, and up from the 15 percent all-time high record contributed in the second quarter of 2022, the telecom sector set a new record with the 16% contribution.

Prof. Danbatta noted that from about 8 percent contribution to GDP in 2015, the telecom quarterly GDP has increased significantly to reach its current threshold of 16 percent and that this has continued to positively impact all aspects of the economy.

In his words,

“Through sustained regulatory excellence and operational efficiency by the commission, the industry has grown in leaps and bounds over the past two decades and this has impacted on all other sectors of the economy. The effective regulatory regime emplaced by the NCC and with the support from all stakeholders has been our major success factor as an industry”.

As the telecom sector strives to contribute significantly to the Nigerian economy, it is however faced with barriers to deployment, ranging from fiber cuts, the high capital requirement for deployment, multiple taxation, regulations, and right of way (RoW), amongst others.

On connectivity challenges, the NCC disclosed that some clusters of access gaps all over the country have been identified, and a significant drop in the number of access gaps has been recorded, as it continues to drive initiatives that boost access to telecommunications services.

With its efforts to stimulate infrastructure development, effective allocation of spectrum, and driving the e-government ecosystem, the NCC is confident that the commission will attain a 50 percent broadband penetration threshold by the end of 2023 and 2025.

The telecommunications sector in Nigeria has been contributing greatly to Nigeria’s GDP reaching new heights yearly.  Through the effective regulatory environment put in place by NCC, the sector has recorded tremendous growth from an initial investment profile of $500 million as of 2001.

In 2022, the sector contributed a whopping N10.126 trillion, as an aggregate quarterly contribution to the nation’s GDP.

The growth trajectory has continued this year as the telecommunications and information services sector delivered a handsome N2.508 trillion in terms of financial value contribution to the nation’s gross domestic product, GDP, representing 14.13 percent in the first quarter of 2023.

The sector has continued to show a positive outlook, which is credited to the innovative and predictable telecom regulatory environment promoted, and implemented by the NCC.

Taiwan to Ban Offshore Crypto Exchanges Operations if not Compliant with Regulations

By
Paul Ugbede Godwin
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0

Taiwan is taking a tough stance on offshore cryptocurrency exchanges that offer services to its residents without complying with local regulations. According to a senior official from the Financial Supervisory Commission (FSC), the island nation plans to ban such platforms from operating in its jurisdiction.

Taiwan is one of the most progressive and innovative countries in Asia when it comes to cryptocurrency and blockchain technology. The island nation has a vibrant and diverse crypto community, with many startups, exchanges, investors, and enthusiasts. Taiwan also has a supportive and pragmatic regulatory environment, which allows for the development and adoption of crypto-related products and services.

The FSC’s Securities and Futures Bureau Deputy Director-General Tsai Li-ling said that the regulator has been monitoring the activities of offshore crypto exchanges and has found some of them to be violating the Money Laundering Control Act and the Terrorism Financing Prevention Act. She added that the FSC will soon issue a notice to these exchanges, asking them to stop providing services to Taiwanese customers or face legal consequences.

Tsai explained that offshore crypto exchanges are required to register with the FSC and obtain a license before they can operate in Taiwan. She said that the FSC has already issued licenses to six local crypto exchanges, but none of the offshore ones have applied for one. She also warned that Taiwanese customers who use unlicensed offshore crypto exchanges may face risks such as fraud, hacking, or money laundering.

Taiwan does not have a specific law or regulation that defines or regulates cryptocurrencies. Instead, cryptocurrencies are treated as virtual commodities, which means they are subject to the general rules of the Civil Code and the Commodity Inspection Act. This also means that cryptocurrencies are not considered as legal tender, securities, or electronic currencies in Taiwan.

However, this does not mean that cryptocurrencies are unregulated or illegal in Taiwan. The Financial Supervisory Commission (FSC), the main financial regulator in Taiwan, has issued several guidelines and notices to clarify the legal status and obligations of crypto-related businesses and activities. For example, the FSC has stated that:

Crypto exchanges are required to register with the FSC and comply with anti-money laundering (AML) and counter-terrorism financing (CTF) rules.

Crypto transactions are subject to income tax and capital gains tax, depending on the nature and purpose of the transaction.

Crypto mining is legal in Taiwan, but miners need to obtain a license from the Ministry of Economic Affairs and pay electricity fees according to their consumption.

Crypto ICOs are allowed in Taiwan, but issuers need to follow the Securities and Exchange Act and disclose relevant information to investors.

Crypto derivatives are subject to the Futures Trading Act and need to be approved by the FSC before launching.

Taiwan is constantly updating and improving its crypto regulations to keep up with the fast-changing and evolving crypto industry. The FSC has established a dedicated task force to study and monitor the development of crypto-related businesses and activities, and to propose new rules and measures when necessary.

The FSC has also expressed its intention to adopt a more comprehensive and holistic approach to crypto regulations, which would cover aspects such as consumer protection, market integrity, financial stability, innovation, and international cooperation.

One of the main goals of the FSC is to create a friendly and conducive environment for crypto innovation and adoption in Taiwan, while ensuring that potential risks and challenges are properly addressed. The FSC has stated that it welcomes constructive feedback and suggestions from the crypto community and other stakeholders, and that it is open to dialogue and collaboration with them.

Taiwan is undoubtedly one of the most promising and attractive markets for crypto enthusiasts and entrepreneurs in Asia. With its progressive and pragmatic crypto regulations, Taiwan offers a unique opportunity for anyone who wants to explore and participate in the crypto space there.

The FSC’s move is part of its efforts to enhance the oversight and regulation of the crypto industry in Taiwan, which has seen a surge in popularity and adoption in recent years. The FSC has also been working on drafting a comprehensive legal framework for crypto assets, which is expected to be completed by the end of this year. The FSC hopes that by establishing clear and consistent rules, it can foster a healthy and orderly development of the crypto market in Taiwan, while protecting the interests and rights of investors and consumers.

Nigeria is losing out on Blockchain Regulations

By
Paul Ugbede Godwin
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Blockchain technology is a revolutionary innovation that has the potential to transform various sectors of the economy, such as finance, health, education, agriculture, and governance. Blockchain is a distributed ledger that records transactions in a secure, transparent, and immutable way, without the need for intermediaries or central authorities. Blockchain can enable faster, cheaper, and more efficient transactions, as well as enhance trust, accountability, and inclusion.

However, despite the immense benefits of blockchain, Nigeria is lagging behind in adopting and regulating this technology. According to a recent report by Chainalysis, Nigeria ranks eighth in the world in terms of cryptocurrency adoption, but it has no clear legal framework or guidelines for blockchain and crypto-related activities. This creates uncertainty and risks for both users and investors, as well as limits the growth and innovation of the blockchain industry in Nigeria.

One of the major challenges facing blockchain regulation in Nigeria is the lack of coordination and collaboration among different stakeholders, such as the government, regulators, industry players, academia, civil society, and consumers. There is no unified vision or strategy for blockchain development and regulation in Nigeria, and different agencies have conflicting or overlapping mandates and interests.

For instance, the Central Bank of Nigeria (CBN) has issued several circulars warning against the use of cryptocurrencies and restricting banks from facilitating crypto transactions, while the Securities and Exchange Commission (SEC) has recognized crypto assets as securities and proposed a regulatory framework for them. Moreover, there is a lack of awareness and education among the public and policymakers about the benefits and risks of blockchain technology, as well as the best practices and standards for its implementation.

Therefore, there is an urgent need for Nigeria to develop a comprehensive and coherent policy and regulatory framework for blockchain technology, that balances innovation and protection, fosters collaboration and coordination among stakeholders, and aligns with global trends and standards. Such a framework should:

Define the scope and classification of blockchain and crypto assets and clarify the roles and responsibilities of different regulators and agencies.

Establish clear rules and guidelines for blockchain and crypto-related activities, such as licensing, registration, reporting, taxation, consumer protection, anti-money laundering, cybersecurity, dispute resolution, etc.

Promote a conducive environment for blockchain innovation and development, by providing incentives, funding, infrastructure, research, education, and capacity building for the blockchain industry and ecosystem.

Encourage public-private partnerships and stakeholder engagement, by creating platforms for dialogue, consultation, feedback, and collaboration among the government, regulators, industry players, academia, civil society, and consumers.

Harmonize Nigeria’s blockchain policy and regulation with regional and international standards and best practices.

Blockchain technology has been gaining popularity in Nigeria in recent years, as it offers a decentralized and transparent way of storing and transferring data. However, blockchain also poses some challenges and risks for the government, such as tax evasion, money laundering, cybercrime, and regulatory uncertainty. Therefore, it is important for Nigeria to increase regulation on blockchain to ensure its safe and responsible use.

One possible way to increase regulation on blockchain is to establish a clear legal framework that defines the rights and obligations of blockchain users, service providers, and authorities. This would help to create trust and accountability in the blockchain ecosystem, as well as to protect the interests of consumers, investors, and the public. A legal framework could also provide guidelines for dispute resolution, data protection, and compliance with existing laws.

Another possible way to increase regulation on blockchain is to foster collaboration and coordination among different stakeholders, such as the government, the private sector, the civil society, and the international community. This would help to share best practices, exchange information, and harmonize standards and policies on blockchain. Collaboration and coordination could also facilitate innovation and development of blockchain solutions that address the needs and challenges of Nigeria.

A third possible way to increase regulation on blockchain is to promote education and awareness on blockchain among the public and the relevant sectors. This would help to increase the understanding and acceptance of blockchain technology, as well as to reduce the fear and mistrust that may arise from its novelty and complexity. Education and awareness could also empower the users and service providers of blockchain to make informed decisions and to use blockchain responsibly.

Blockchain technology offers many opportunities and benefits for Nigeria, but it also requires careful regulation to ensure its security, legality, and sustainability. By establishing a clear legal framework, fostering collaboration and coordination, and promoting education and awareness on blockchain, Nigeria can increase regulation on blockchain and harness its potential for social and economic development.

By adopting a proactive and holistic approach to blockchain regulation, Nigeria can leverage this technology to enhance its economic growth, social development, and global competitiveness. Blockchain technology offers Nigeria a unique opportunity to leapfrog its development challenges and achieve its vision of becoming a leading African economy in the 21st century.

Understanding The Nature of Intellectual Property Disputes in Nigeria

By
Emmanuel Ifeanyi Ogbuka
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Emerging technologies like AI would have transformation impacts on Law (source: law.com)

Intellectual Property as stated in an earlier article of mine involves a class of legal ownership rights covering scientific, business/corporate identity markers, creative, artistic literary and technical works in the form of copyrights, trademarks, merchandise marks, and patents/marked industrial designs. 

However, Nigerian law has a number of applicable remedies for the infringement of these rights which can happen in various forms of unauthorized usage of intellectual property, and as a result this article will be looking at Intellectual Property disputes, with a focus on :-

– Types of Intellectual Property infringements

– The legal frameworks governing Intellectual Property rights in Nigeria

– The Jurisdiction to entertain Intellectual Property disputes

– The means of enforcing Intellectual Property rights

Who has the original jurisdiction to hear and adjudicate on Intellectual Property disputes in Nigeria?

The Federal High Court of Nigeria is vested with the original jurisdiction to entertain Intellectual Property disputes in Nigeria by virtue of the Constitution of The Federal Republic of Nigeria.

What are the relevant components of the legal framework governing Intellectual Property rights and disputes in Nigeria?

Intellectual Property rights in Nigeria are governed by the following laws :-

– The Cybercrimes Act of Nigeria 

– The Trademarks Act of Nigeria

– The Patents and Designs Act of Nigeria

– The Copyright Act of Nigeria

– The Merchandise Marks Act of Nigeria

What are the types of intellectual property right infringements possible under Nigerian law?

Intellectual Property rights are said to be infringed upon when –

– Done for commercial/business or industrial purposes (regarding patents and industrial designs which can include tech-based coding architectural plans).

– An unauthorized party makes use of a trademark or intellectual property right attached to an identifying mark registered and owned by another party (individual/corporate) which can include a government.

– An unlicensed party taking over and passing off a creative work (including but not limited to literary, research, cinematographic, musical or artistic works) actually belonging to another party as its own, whether for commercial benefits or otherwise (this is with respect to copyrights).

What are the available legal remedies for intellectual property right infringements under Nigerian law?

Legal remedies for intellectual property right infringements in Nigeria include the following :-

– Injunctions :- These are court orders , usually in the form of Anton Pillar injunctions, aimed at, as a matter of urgency, halting ongoing Intellectual Property rights infringements.

– An award of damages by the Federal High Court for infringements.

– Orders for inspection and seizure.

Would it be possible to refer Intellectual Property disputes to alternative dispute resolution methods like arbitration?

It would seem that intellectual Property disputes can be referred to arbitration by virtue of the new Arbitration and Conciliation Act of Nigeria 2023, but this would still require certain pre-conditions like the consent of all parties involved and compliance with the provisions of the Federal High Court rules regarding alternative dispute resolution.

Brine Fi, Grab, Trickbot, OKX and other Crypto News

By
Paul Ugbede Godwin
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0

Brine Fi, a decentralized exchange (DEX) that leverages StarkWare’s zero-knowledge proof technology, has raised $16.5 million in a Series A funding round led by Pantera Capital. The round also saw participation from other prominent investors, such as Alameda Research, Framework Ventures, and DeFi Alliance.

Brine Fi aims to provide a scalable, secure, and low-cost trading platform for crypto assets, using StarkWare’s zkSTARKS to compress and verify transactions off-chain. The DEX claims to offer up to 9,000 transactions per second, with fees as low as $0.001 per trade. Brine Fi plans to use the new capital to expand its team, develop new features, and grow its user base.

Grab, the leading super-app in Southeast Asia, has announced that it will integrate web3 services into its platform. Web3 is a term that refers to the decentralized and open internet, powered by blockchain and other technologies. Grab users will be able to access various web3 features, such as decentralized finance, non-fungible tokens, and social tokens, through the app. Grab said that this move is part of its vision to empower its users with more choices and opportunities in the digital economy.

The Commodity Futures Trading Commission (CFTC) is one of the federal agencies that oversees the cryptocurrency industry in the United States. However, the current regulatory framework is often unclear, inconsistent, and outdated, creating challenges for both regulators and market participants.

To address these issues, CFTC Commissioner Dawn Stump has recently proposed a pilot program that would allow the CFTC to regulate crypto assets more effectively and efficiently. The program would involve creating a sandbox environment where crypto firms can test their products and services under the supervision and guidance of the CFTC, without having to comply with all the existing rules and regulations that may not be applicable or appropriate for their innovative business models.

The pilot program would also enable the CFTC to gather more data and insights on the crypto industry, which would help inform its future rulemaking and enforcement actions. The program would also foster collaboration and communication between the CFTC and other stakeholders, such as other regulators, industry associations, consumer groups, and academics.

The pilot program is not intended to replace or undermine the existing regulatory framework, but rather to complement and enhance it. The program would be voluntary, time-limited, and subject to certain criteria and conditions. The program would also respect the jurisdiction and authority of other regulators, such as the Securities and Exchange Commission (SEC), the Financial Crimes Enforcement Network (FinCEN), and state authorities.

The US and UK governments have imposed sanctions on a group of hackers who are responsible for the Trickbot ransomware, which has targeted hospitals, schools, businesses and governments around the world. The sanctions freeze any assets the hackers have in the US or UK and prohibit any transactions with them. The hackers are also accused of stealing personal and financial data and interfering with elections in several countries. The sanctions are part of a coordinated effort to disrupt and deter the cybercriminals, who have caused significant damage and disruption to millions of victims.

OKX, one of the leading cryptocurrency exchanges in the world, has announced a strategic partnership with Circle, the company behind the popular USDC stablecoin. The partnership will enable OKX users to access USDC features such as minting, redeeming, and earning interest directly from their OKX wallet.

Additionally, OKX will integrate Circle’s API services to power its decentralized exchange (DEX) aggregator, which allows users to trade across multiple DEX platforms with low fees and high liquidity. This collaboration will enhance the user experience and security of OKX’s products, as well as expand the adoption and utility of USDC in the crypto ecosystem.

The Commodity Futures Trading Commission (CFTC) announced today that it has settled charges against three decentralized finance (DeFi) platforms for offering unregistered swaps and futures contracts. The platforms are Opyn, ZeroEx and Deridex, which operate on the Ethereum blockchain and allow users to trade options, tokens and derivatives without intermediaries.

According to the CFTC, the platforms violated the Commodity Exchange Act (CEA) by failing to register as designated contract markets or swap execution facilities, and by not complying with the reporting, recordkeeping and anti-fraud requirements. The CFTC ordered the platforms to cease and desist from further violations, and to pay civil monetary penalties totaling $1.5 million.

Linus Financial, a fintech company that offers crypto-backed savings accounts, has agreed to pay $1.25 million to settle charges from the U.S. Securities and Exchange Commission (SEC) for operating an unregistered securities offering. The SEC alleged that Linus Financial violated the federal securities laws by offering and selling its crypto lending product, which promised investors a variable interest rate based on the returns from lending cryptocurrencies to third parties, without registering with the agency or qualifying for an exemption.

According to the SEC’s order, Linus Financial raised over $50 million from more than 3,500 investors through its crypto lending product from October 2019 to April 2021. The SEC found that the product constituted an investment contract and therefore a security under the Howey test, which requires registration with the SEC or compliance with an exemption. The SEC also found that Linus Financial made false and misleading statements to investors about its compliance status, its ability to access funds in case of a market downturn, and its use of a third-party custodian to safeguard investors’ assets.

Linus Financial neither admitted nor denied the SEC’s findings, but agreed to cease and desist from further violations, return ill-gotten gains, and pay a civil penalty. The company also agreed to transfer its existing investors to a registered broker-dealer or investment adviser or refund their principal and accrued interest.

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