As an analyst with a background in blockchain technology and regulatory compliance, I find the roundtable initiative between BICCoN, SEC Nigeria, and crypto stakeholders in Nigeria to be a positive step towards fostering a productive dialogue on cryptocurrency regulations.
The Nigerian Blockchain Industry Coordinating Committee (BICCoN) is organizing a meeting on May 6 between the newly appointed head of the Securities Exchange Commission (SEC) and local and international cryptocurrency exchanges operating in Nigeria. The objective of this roundtable is to explore common ground on the regulatory stance towards cryptocurrencies in the country.
Lucky Uwakwe of the BICCoN chair team spoke with CryptoMoon over the phone, inviting all digital asset exchange operators, wallet providers, virtual asset service providers (VASPs), and related industry organizations to join a discussion focusing on crucial regulatory matters for crypto in Nigeria. This gathering aims to pave the way for forward-thinking crypto regulations.
Uwakwe shared that a virtual gathering has been arranged at the behest of Dr. Emomotimi Agama, the freshly appointed DG of SEC Nigeria. Agama’s intention is to foster discussions with significant players in the blockchain and cryptocurrency sector, exploring regulatory hurdles and prospects together through meaningful dialogue.
Agama, newly named leader of the regulatory authority, brings a profound background in blockchain technology and the financial sector to his role.
In the words of Uwakwe, the upcoming gathering provides a platform for various crypto industry groups in Nigeria to share their viewpoints regarding the current situation of cryptocurrencies within the country.
Among these organizations are the Blockchain Nigeria User Group (BNUG), Cryptographic Development Initiative in Nigeria (CDIN), Digital Currency Consortium (DCC), and Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).
Uwakwe harbored optimism that the upcoming meeting would ignite the necessary transformation, benefiting crypto community members in Nigeria and globally alike.
“Everyone’s presence and insights are invaluable as we collectively navigate the regulatory terrain and strive toward fostering an environment conducive to innovation and growth within the blockchain and cryptocurrency sector.”
As a crypto investor, I’ve been following the developments in Nigeria closely, and I was excited about the government’s earlier announcement to lift the crypto ban by December 2023. However, I’ve recently learned that the authorities have initiated investigations into cryptocurrency usage within the country. This contradictory move leaves me uncertain about the future of crypto adoption in Nigeria.
In February, the Nigerian government blocked access to the websites of cryptocurrency exchanges like Binance, OctaFX, and others for local users through the country’s telecommunication providers.
The Securities and Exchange Commission (SEC) of Nigeria has proposed an amendment to the regulations governing crypto asset exchange platforms. One significant change is a substantial increase in the registration fee for these exchanges from 30 million naira ($18,620) to 150 million naira ($93,000).
The SEC, or Securities and Exchange Commission, proposes changes based on industry feedback, but the 500 million naira ($310,343) minimum paid-up capital requirement faces criticism. Some argue that this substantial fee may disproportionately benefit foreign firms over local entities.
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2024-05-03 12:59