New Crypto SMOG Addresses Rise in Financial Crime

Nigeria urged to regulate crypto as new meme coin Smog rises with compliance focus.

Adedeji Owonico-founder of Nigerian blockchain intelligence service provider A&D Forensics, called on the Nigerian government to implement regulations on cryptocurrency activities.

Owonibi’s call comes in response to the growing concern over financial crimes, especially money laundering, facilitated by the lack of regulatory oversight in Nigeria’s crypto space.

Owonibi pointed out that the absence of regulations allows various crypto-related practices to go unmonitored, posing significant risks to the financial system:

“Nigeria should completely regulate cryptocurrency activities within the country and lay down laws to that effect because if there is no law, there is no violation.”

Despite the recent decision by the Central Bank of Nigeria (CBN) to reverse the ban on crypto transactions, allowing banks to operate accounts for virtual asset service providers (VASPs), Owonibi stressed the importance of strict regulatory measures.

As regulatory discussions continue, industry stakeholders are petitioning the Nigerian Securities and Exchange Commission to review guidelines for VASPs. The aim is to enable local crypto exchanges to obtain operating licenses, promoting a safer and more regulated environment for crypto transactions in Nigeria.

Smog future-proof for a crypto-regulated Africa?

Amid discussions about cryptocurrency regulation, a new player has entered the market known as smog (SMOG)which is attracting attention for its meteoric rise and regulatory compliance, making it a suitable coin for African countries like Nigeria as they embrace crypto regulations for secure DeFi.

Smog, a meme coin launched on the Solana blockchain, has experienced exponential growth since its debut on February 7, 2024. Within the first 36 hours of trading, $SMOG saw a staggering increase of over 4,700%, reaching an undiluted market valuation of $50 million.

Boasting a dragon-themed aesthetic, the project aims to differentiate itself through an ambitious roadmap that includes rewards, token fires, and interactive community airdrops.

Smog has also expanded to Ethereum, using portalbridge.com to enable seamless asset transfers between Solana and Ethereum. This expansion aims to leverage Ethereum’s extensive liquidity and user base, further advancing Smog Token’s accessibility and reach.

Detailed Overview of Smog Token ($SMOG)

Smog delivered a fair launch, skipping a pre-sale and opting for an extensive airdrop campaign. The breakdown of Smog’s tokenomics is as follows:

– 50% for marketing: Assigned to promote the project and attract new users.

– 35% for the airdrop: Reserved for distributing tokens to the community through interactive tasks and activities.

– 10% for CEX liquidity: Dedicated to providing liquidity on centralized exchanges.

– 5% for DEX liquidity: Allocated for liquidity support on decentralized exchanges.

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The project has strategically partnered with Zealy, a platform focused on community engagement through work-to-earn mechanisms. By engaging in tasks and activities, users can earn points and contribute to the growth of the Smog ecosystem.

Further, Smog introduces a staking platform that offers attractive fixed APY returns of up to 42.0% to incentivize long-term token holding. Holders can lock their tokens for 30 days and claim rewards once the unlock date is reached.

Smoking Roadmap

Build the base: Establishing the foundation for the project’s growth, including community building, partnerships and infrastructure development. Fair introduction and performance: Implementation of key features such as stake rewards, token fires and interactive community airdrops to drive engagement and adoption. Hypergrowth & Meme Coin Mastery: Scale the project to new heights, expand to additional blockchains, and strengthen Smog Token’s position as a leader in the meme coin space.

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Finally, as Africa embraces blockchain technology and decentralized finance, projects like Smog are positioned to lead the way in driving economic growth and empowering individuals and businesses across the continent.

With the potential to revolutionize cross-border payments and financial inclusion, $SMOG Indeed to be Africa’s next big DeFi crypto.

Related Crypto Regulatory Developments in Africa

The call for cryptocurrency regulation in Nigeria comes amid broader discussions about crypto regulation in Africa. The Blockchain Association of Kenya recently unveiled the country’s first Virtual Asset Service Provider (VASP) bill, which aims to provide a comprehensive regulatory framework for the crypto industry.

The move reflects a growing trend across African countries, including Nigeria and South Africa, to introduce regulations for the crypto market, signaling a shift towards increased oversight and consumer protection.

Solana experienced a price pump from 20% this week bringing further bullish momentum to Solana-based meme coin Smog. You can obtain $SMOG on Jupiter DeX – connect your Phantom or other Solana wallet and choose from popular currencies such as SOL, USDT or BONK to make your purchase.

Access the Smog community on X, Disagreement and Telegram to stay up to date with the latest project updates and news.

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