[Wealth Restructuring, De-intermediation③] Nigeria's Adaeze and Regulation 2.0: The Vision for Future Finance

Through the first two articles, we examined the reality of the widening gap between labor income and capital income, as well as the potential of “asset tokenization,” a key technological solution to this problem. Now only the final piece of the puzzle remains. When this technology is applied to daily life, how will our lives change? And what preparations do policymakers need to make?\n\nIn this final installment, we will conclude the series with a specific financial scenario in 2030 as depicted by Coinbase Research Institute, along with new regulatory framework proposals to support this scenario.\n\nMorning in Lagos 2030: Adaeze’s Portfolio\n\nTo illustrate the future brought by tokenization, the Coinbase report tells the story of Adaeze, a merchant working in the “Computer Village” tech market in Lagos, Nigeria.\n\nOn a morning in 2030, amid severe inflation, Adaeze was not worried about the devaluation of the Naira she earned yesterday. Instead, she opened her smartphone. With a few taps, she exchanged cash for USD stablecoins and immediately purchased Nvidia shares in “fractional shares.” \n\nNo complicated paperwork or multi-day settlement process. Her portfolio held 0.06 shares of Nvidia and 0.15 shares of LVMH. Several months later, when she needed to pay her nephew’s tuition, she sold only a tiny portion of her holdings and immediately cashed out to pay the tuition.\n\nThis is the world of removing “intermediary barriers.” Previously exclusive to high-net-worth individuals, global premium assets are now accessible to Lagos market merchants as easily as sending a text message.\n\nRegulation 2.0: A Proposal for “Integration” Rather Than “Prohibition”\n\nTo make this scenario a reality, policy evolution is as important as technology. Coinbase proposes the following “Regulation 2.0” framework to policymakers.\n\n① Layer 1 Neutrality Blockchain protocols themselves should remain neutral public goods, like TCP/IP of the internet. Regulation and supervision should focus on the “entry” and “exit” points—applications (exchanges, custodians) that provide services on top of the protocol—rather than the protocol itself.\n\n② Protect Self-Custody Rights Users should have the core right of “self-custody,” controlling their assets directly without intermediaries. Regulators should not ban or fear this but should leverage blockchain’s transparent data analysis capabilities to introduce modernized supervision methods for illegal activities like money laundering.\n\n③ Smart Capital Controls For developing country governments worried about capital outflows, unconditional openness cannot be forced. However, a blunt ban on wallets is not the solution. Instead, targeted limits at the application layer or the use of programmable compliance technology can build flexible and precise control systems.\n\nRebuilding the Wealth Ladder\n\nThrough the past three articles, we confirmed that the “intermediary barrier” issue is not simply a lack of financial products but a structural cause that exacerbates global wealth inequality.\n\nCoinbase’s vision is clear: the future of finance should not be limited to providing bank accounts but should enable 4 billion people worldwide to become shareholders in global capital markets.\n\nSuccess is not measured by numbers. When merchants in Lagos, freelancers in Mumbai, and teachers in Buenos Aires can invest in the same assets at the same cost using the same infrastructure as hedge fund managers in New York, the capital gap will truly narrow. By then, opportunities for asset appreciation will no longer depend on background or account balance but solely on individual talent and savings willingness.\n\nThis is the true “financial democracy” promised by blockchain.