The newly appointed Director General of the Securities and Exchange Commission (SEC) in Nigeria, Dr. Emomotimi Agama, will convene a meeting with local and international crypto exchanges to discuss crypto regulations in the country. This meeting, organized by the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), aims to address relevant issues and chart a progressive course for crypto regulations.
“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,” said Lucky Uwakwe, the Chair of BICCoN.
The meeting will include representatives from various associations, such as the Blockchain Nigeria User Group (BNUG), the Cryptographic Development Initiative in Nigeria (CDIN), the Digital Currency Consortium (DCC), and the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN). These stakeholders will have the opportunity to engage in collaborative dialogue with the SEC Chief to address regulatory challenges and explore opportunities for the industry.
SEC Chief Initiates Collaborative Crypto Regulation Talks
Nigeria has had a tumultuous relationship with cryptocurrencies in recent years. In December 2023, the country lifted a ban on crypto, but has since taken steps that contradict this decision. In February 2024, the Central Bank of Nigeria (CBN) used telecommunication providers to prevent local crypto users from accessing the websites of various crypto exchanges, such as Binance, OctaFX, and others.
Additionally, the SEC in Nigeria has proposed an amendment to the rules guiding platforms offering crypto services, suggesting a hike in the registration fee for crypto exchanges from N30 million ($18,620) to N150 million ($93,000). This move has raised concerns within the crypto community, as it could potentially create barriers for smaller players in the industry.
The upcoming meeting with the SEC Chief presents an opportunity for the crypto stakeholders in Nigeria to voice their concerns and work towards a more favorable regulatory environment. The collaborative dialogue is expected to address these challenges and explore ways to foster innovation and growth within the blockchain and cryptocurrency sector.
According to Uwakwe, the virtual meeting is being convened at the invitation of the SEC Chief, who aims to engage with key stakeholders in the blockchain and cryptocurrency ecosystem to address crypto regulations challenges and opportunities through collaborative dialogue.
As Nigeria navigates the evolving crypto landscape, this meeting could serve as a pivotal moment in shaping the future of the industry in the country. The SEC Chief’s willingness to meet with local and global stakeholders is a positive sign, indicating a potential shift towards a more inclusive and progressive approach to crypto regulation.
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