Thousands of users sign up for Onboard 3.0, a cryptocurrency platform funded by Coinbase, within two months of its debut
South Africa stands out as the most advanced African country in instituting blockchain regulations, having licensed 248 firms as of January 2025. Meanwhile, across the continent, regulations are gradually shaping up, paving the way for more blockchain products to emerge.
One such company is Onboard 3.0, a virtual assets service provider (VASP) that has secured licenses in Europe and Canada. These licenses allow Onboard 3.0 to function as a payment service provider, build with virtual currencies, do currency exchange, and money transfer, all while processing both crypto and fiat transactions.
Onboard 3.0's unique feature is its ability to work with stablecoins and partner with various global partners and providers, even those dealing with currency exchange and FX, without encountering liquidity issues on its end. This flexibility makes Onboard 3.0 a versatile player in the blockchain industry.
In Nigeria, regulations are moving at a slower pace, posing a barrier to adoption. However, progress is being made. Last year, the country's Security and Exchange Commission (SEC) asked VASPs in the country to apply for admission into its incubatory program. Two firms, Busha and Quidax, were issued provisional licenses but have not received any further approvals since then. Quidax, with Adetolani Balogun serving as its Chief Financial Officer, is one such company that recently received a provisional license.
The slow pace of regulation in African countries, particularly in Nigeria, does not seem to deter Onboard 3.0. With its extensive licenses, the company is well-positioned to partner with a variety of global partners, further solidifying its role as a leader in the African blockchain industry.
As the continent continues to embrace blockchain technology, Onboard 3.0's success serves as a beacon of hope, demonstrating that with the right regulations in place, the potential for growth and innovation in this field is immense.
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