As a result of increasing Consumer demand for more advanced payment solutions from transfers to remittances and investments, the Central Bank of Nigeria (CBN) came up with a system to develop and test-drive innovations in terms of Financial Technology service and product offerings under a controlled and monitored framework known as the CBN Regulatory Sandbox.

This sandbox is closely regulated by the CBN Framework For Regular Sandbox Operations 2021.

This then gives the CBN the Regulatory weight to give directions on the establishment, rules and operation of a Regulatory Sandbox specially for the Nigerian Payments system for the purposes of :-

– Encouraging by sector participants the development of effective healthy business competition through the use of new technologies.

– Ensuring increased levels of financial inclusion.

– Improving greatly the level of public consumer trust in the country’s financial sector.

This is what will focus the focus of this article which will be taking a closer look at:-

– The aims of the CBN Regulatory Sandbox.

– Eligibility criteria for entry into the Regulatory Sandbox.

– Some of the most important provisions of the CBN Framework for the Operation of the Regulatory Sandbox.

What are the objectives of the CBN Regulatory Sandbox?

The objectives of the CBN Regulatory Sandbox are :-

– To provide a forum for productive engagement and synergy between Fintech firms, especially in the payment solutions subsector.

– To encourage healthy business competition in the Fintech sector.

– To develop more improved standards of consumer protection in the Fintech sector.

Who are the participants in the CBN Regulatory Sandbox?

– The Central Bank of Nigeria.

– CBN-licensed businesses.

– Techpreneurs offering Financial products of an unlicensed nature based on novel technologies.

– Technology companies.

– Telecommunications companies seeking to delve into revolutionary Fintech service offerings.

What are the criteria for eligibility into the Regulatory Sandbox?

The following criteria must be satisfied to achieve eligibility into the CBN Regulatory Sandbox:-

– The Fintech solution or service package must be convincingly shown to offer clear potentials to improve accessibility, efficiency, security and quality in financial service delivery.

– The product must be shown to be capable of providing profitable entry and business benefit offerings on a macro-economic scale.

– The product must be potentially capable of improving efficiency in financial risk management

– The product must be shown to be deliverable within a limited transaction in terms of value and volume.

– The Sandbox applicants must show via assessments the utility or commercial value of the service offering along with a proper identification of the risks involved in using the service.

– A well laid out business plan showing a successful deployment of the service offering after finally leaving the Sandbox.

– A proof of the resources needed to carry out sandbox testing and risk prevention and control arising from the offering and use of the Fintech product.

What are the documentary requirements for entry into the Regulatory Sandbox?

Applications for entry into the CBN Regulatory Sandbox are to be accompanied by :-

– A Board Resolution of the applicant company where applicable.

– A copy of the company’s certificate of incorporation issued by the Corporate Affairs Commission (CAC).

– A copy of the company’s profile and contact information.

– A copy of the applicant company’s MEMART Memorandum Articles of Association as well as its Shareholding structure.

– The company organogram.

– The company’s project plan and business proposal.

– The company’s AML/ CFT Compliance policy

– The objective to be achieved by Sandbox trials of the Fintech product.

– Intellectual Property certificate in the form of Patent or Trademark certificates where applicable.

Does being in the Regulatory Sandbox come with operational requirements?

Yes it does. These operational requirements are :-

– Filing requirements :- Participant company information,financial state of affairs of the company, technical and business expertise among other requirements.

– Reporting requirements :- This involves proper maintenance of records during the Sandbox membership time frame for a 5-year maximum period as well as the sending of regular product test progress results to the CBN.

– Conditions for membership tenure extension and exit from the Sandbox :- Which for Sandbox membership extension comes with the compulsory requirement of a written application to the CBN stating the additional amount of time requested.

For exiting the Sandbox, a written application will also be required based on the satisfaction of any Regulatory obligations including consumer issues arising from Sandbox operations.

Evaluation & review of Sandbox membership approvals:- Sandbox memberships can be evaluated and reviewed at any time before the conclusion of testing periods in the cases of –

a). Liquidation of the member company.

b). Violations of any law affecting the member company’s business reputation.

c). A failure to carry out testing safeguards recommended under the CBN Sandbox Framework.

d). The acquisition of Sandbox membership on the basis of false information or information with suppressed facts being submitted in a Sandbox membership application.

e). Data security breaches.

f). Public policy based on consumer safety considerations.

What is the provision of the CBN Sandbox Framework on the issue of confidentiality? 

Under the Framework, Sandbox participants can decide to exchange business and technical ideas, but participants are required to treat such information as confidential whether it was shared orally, verbally or in writing.

Such confidential information constituting the intellectual property and trade secrets of the disclosing party if in written or documented form is to be returned, deleted or destroyed upon the request of a disclosing party.

This provision however does not apply to business or technical  information already publicly available or developed without using input from the information shared or disclosed within the Sandbox.

What is the Okx CEX and how does it work

CEX stands for Crypto-Exchange and is a platform where you can buy, sell, or trade cryptocurrencies. The Okx CEX is a centralized exchange and like most centralized exchanges they are subject to the same hacking risks. Not like DEXs that offer greater transparency and privacy, as well as lower fees.

Something to remember with how CEXs work in general is that you are giving away your money to the centralized exchange in the hope that they will be nice and take care of it. If that sounds stupid to you then that’s probably because to a certain degree, it is.

Centralized exchanges are a lot like banks, but unlike banks, they don’t have any government backing.

Why are users flocking to the Toon Finance Protocol

There are a number of reasons why users are flocking to the Toon Finance Protocol. One of the main reasons is that it addresses a vulnerability inherent to CEX. Toon Finance is an “extremely DeFi” project that aims to do many things, but most of all, bring crypto back to its roots.

The pre-sale has already flown past stage 1 and collected around $2.5 million. This cements Toon Finance as one of the most popular and successful ICOs in recent time.

OKx doesn’t really stand out against other CEXs which is why users from OKx flocking to Toon Finance aren’t that surprised. That being said, while it doesn’t stand out, it’s nowhere near mediocre either.

Okx manages to go toe-to-toe with Binance and other exchanges whether CEX or DEX by keeping up with trends and offering a solid service. Though it does not change that fact that OKx can take away users’ crypto anytime they want.

Another reason why users are drawn to Toon Finance is that it offers a decentralized exchange (DEX). This is important because crypto is supposed to be decentralized. However, many exchanges are centralized, which means that they are controlled by a single entity. This can be problematic because it makes exchanges vulnerable to colossal rug pulls and outright theft, as we saw with FTX recently. A DEX is less likely to fail because it is not centrally controlled.

Toon Finance has gained popularity very quickly due to these and other factors. It will be interesting to see how the protocol develops in the future.

How will this impact the overall economy

With fewer people using centralized exchanges, there will likely be less trading activity and trading volume overall. This could have a negative impact on the economy as a whole in the short run, as fewer people will be buying and selling cryptocurrency. However, more people using decentralized exchanges could actually have a positive impact on the economy.

As protocols catch up with centralized exchanges in terms of features and convenience, people will increasingly prioritize safety when it comes to their crypto holdings. This could lead to more people investing in cryptocurrency, as they feel more confident that their funds are safe.

In the long run, decentralized exchanges will become more secure and convenient than centralized ones, leading to even more people abandoning CEXs in favor of DEXs.

What are some of the benefits of using the Toon Finance Protocol

Toon Finance is a DeFi Protocol built on Ethereum that has Toon Swap, a DEX for trading multiple cryptocurrency pairs. Toon Finance also has multiple products that encourage economical movement within the Toon Swap ecosystem while remaining secure as it will not hold your crypto.

More important than the product is the advocacy, Toon Finance is extreme DeFi and wishes to become an institution that can’t be centralized and fights against centralization as centralization, while having its place, simply does not belong in crypto for the most part.

Toon Finance is still in its ICO which means this is the best time to invest. Toon Finance Tokens or TFTs have a very high valuation right off the bat and the fact that it has reached stage 2 of its pre-sale and gathered $2 to $3 million cements its potential.

Additionally, Toon Finance offers staking and yield farming rewards for TFT holders. This means that holders can earn tokens simply by holding TFTs or providing Liquidity to any pool on Toon Swap.

How can investors take advantage of this new protocol

Toon Swap is a new project that is gaining a lot of attention in the investing world. The project is still in its pre-sale phase, which means that now is the time for investors to get involved. Joining the project while it’s in pre-sale will guarantee the best rates before it launches.

Being early always means that holders get rewarded the most since the tokens are relatively dirt cheap while having a lot of potential to grow.

Toon Swap offers coin tossing and other games that people won’t have to learn for betting. Buying in now means supporting the project early and getting rewarded the most down the line. The potential for growth is high, now is the time to invest in Toon Swap!

Conclusion

If you’re looking for a new DEX project you can get early on, the Toon Finance Protocol is definitely worth checking out. With so many benefits and such a friendly community over on Telegram, it’s no wonder that people are flocking to this new protocol.

Investors should definitely take advantage of this opportunity while it’s still fresh. DEX projects don’t just pop up like mushrooms after a rainy day.

OKx is a centralized exchange where while it’s not special relative to others, it’s still solid and reliable. Unfortunately OKx being solid and reliable rely too much on the whims of a small group of people that might be ready to run with your money or gamble it on their personal projects.

Dex is clearly the only future for crypto. While CEXs are convenient, decentralization is the whole point of crypto and why Bitcoin was made in the first place.

For more information about the Toon Finance Protocol, be sure to visit their website at toon.finance.

Website: https://toon.finance/

Presale: https://buy.toon.finance/

Twitter: https://twitter.com/ToonSwapFinance

Telegram: https://t.me/ToonSwapFinance

CoinMarketCap: https://coinmarketcap.com/currencies/toon-finance/

What are NFTs and How Do They Work?

You may have heard about a new craze sweeping the internet called NFTs. But what are they, and how do they work? Below, we’ll take a look at what NFTs are, how they work, and some of the potential implications of this new technology, and later on to the blog, we’ll take a look at the top 3 NFTs to mint this coming Holidays.

NFTs, or non-fungible tokens, are a type of cryptocurrency that represents a unique asset. Unlike fungible tokens like Bitcoin or Ethereum, which can be divided into smaller units or exchanged for other assets, NFTs cannot be divided or exchanged. Each NFT is a one-of-a-kind asset with its own blockchain-based record of ownership.

NFTs have been used to represent everything from digital art to in-game items to tweets. The possibilities are endless! Because NFTs are stored on the blockchain, they can be bought, sold, or traded like any other cryptocurrency. However, because each NFT is unique, their value can vary widely.

What Makes an NFT Valuable?

So, what makes an NFT valuable? There are a few factors that contribute to an NFT’s value

Scarcity: The scarcer an NFT is, the more valuable it will be. For example, an NFT that represents a digital painting by a famous artist is going to be more valuable than an NFT that represents a digital painting by an unknown artist because there are fewer of the former and more of the latter.

Utility: An NFT that has utility is also going to be more valuable than one that doesn’t. For example, an in-game item that gives you an advantage over other players is going to be more valuable than an in-game item that doesn’t do anything.

Desirability: An NFT that is desirable for some reason is also going to be more valuable than one that isn’t. For example, an NFT that represents a tweet by a celebrity is going to be more valuable than an NFT that represents a tweet by someone who isn’t famous because the former is more desirable to people.

These are just a few of the factors that contribute to an NFT’s value. Because each NFT is unique, the value of each one can vary widely depending on these and other factors.

• Implications of NFTs

The implications of NTFs are still largely unknown because this technology is so new. However, there are a few potential implications that we can foresee:

Increased access to rare and valuable assets: Before the advent of NFTs, only wealthy investors had access to rare and valuable assets like art or collectibles due to the high cost of entry. However, with NFTs, anyone can own a piece of digital art or an in-game item for a fraction of the cost of the physical equivalent because there is no need to produce or ship physical copies of these items. This could democratize access to rare and valuable assets and give everyone a chance to own something truly unique.

The rise of digital collectibles: With traditional collectibles like stamps or coins, there can only ever be one physical copy in existence (unless it’s counterfeit). With digital collectibles represented by NTFs, there can be an infinite number of copies created but each one would still be unique due its blockchain-based ownership record. This could lead to the rise of digital collectibles as people begin collecting truly unique items that can’t be replicated or counterfeited.

The death of physical art: Physical art requires expensive materials and skilled labor to create whereas digital art can be created relatively easily and cheaply with the right software tools. As such, we could see physical art becoming increasingly replaced by digital art represented by NFTS as time goes on since NFTS offer all the benefits of physical art (i.e., uniqueness and desirability) without any of the drawbacks (i. e., high cost).

NTF’s are a new technology with many potential implications both good and bad depending on your perspective. While their long-term effects remain largely unknown, we can speculate about some potential outcomes including increased access to rare assets, the rise if digital collectibles, and even the death if physical arts. Whatever happens, it’s sure to be interesting!

So now that we are done with the introduction, we can move on to the juicy part!

It’s no secret that the world of NFTs is heating up. With the recent explosion in popularity of non-fungible tokens, there are more and more mints springing up to meet the demand. But with so many options out there, it can be tough to know which mint is right for you. That’s why we’ve put together a list of the top 3 hottest NFT mints for December. Whether you’re looking to invest in the latest and greatest or simply want to find a mint that fits your needs, this list has you covered.

BAYC

With a focus on providing investors with high-quality, hand-crafted NFTs, BAYC is one of the hottest mints around. Their team of experienced artists and developers create unique NFTs that are sure to stand out from the crowd. And with a wide variety of themes to choose from, there’s an NFT for everyone at BAYC.

Doodles

Doodles is a relatively new mint, but they’re already making waves in the NFT community. Their innovative approach to design and user experience has made them a favorite among collectors and investors alike. And with a wide range of designs to choose from, there’s sure to be an NFT that catches your eye at Doodles.

Toon Finance

Toon Finance is quickly becoming one of the most popular mints due to their focus on delivering high-quality, well-designed NFTs. Their team of experienced artists and developers create beautiful NFTs that are perfect for both collectors and investors. And with a wide variety of designs and themes to choose from, there’s sure to be an NFT that you’ll love at Toon Finance.

We should also mention that Toon Finance is an NFT platform with a robust roadmap and a huge community. The Toon Finance team is committed to building the best NFT experience for users and creators. The Toon Finance roadmap includes plans to launch a decentralized exchange, a marketplace, and a wallet. The Toon Finance team is also working on ways to integrate with popular games and applications. In addition to the Toon Finance roadmap, the Toon Finance community is also working on a variety of projects to improve the platform. The Toon Finance community is made up of experienced developers, designers, and marketers who are dedicated to making the Toon Finance experience the best it can be. If you’re looking for an NFT platform with a bright future, be sure to check out Toon Finance!

In conclusion, NFTs are quickly becoming one of the hottest investments around. And with so many mints springing up to meet the demand, it can be tough to know which one is right for you. That’s why we’ve put together a list of the top 3 hottest NFT mints for December. Whether you’re looking to invest in the latest and greatest or simply want to find a mint that fits your needs, this list has you covered. So, what are you waiting for? Start browsing today!

Website: https://toon.finance/
Presale: https://buy.toon.finance/
Twitter: https://twitter.com/ToonSwapFinance
Telegram: https://t.me/ToonSwapFinance
CoinMarketCap: https://coinmarketcap.com/currencies/toon-finance/