Regulation
Crypto exchanges to have important meeting with Nigerian SEC chief over regulation
Nigeria Blockchain Industry Coordinating Committee (BICCON) hosts roundtable discussion with international and local crypto exchanges and new director general of Nigeria’s Securities and Exchange Commission (SEC) to find common ground on the status of crypto in the country.
According to CoinTelegraphBICCON Chairman Lucky Uwakwe explained that the meeting is open to all relevant digital asset exchange operators, wallet providers, other virtual asset service providers (VASPs) and industry associations and bodies to discuss bottlenecks and challenges with crypto regulations in the country.
Mr. Uwakwe explained that the proposed virtual meeting is being convened at the invitation of Emotimi Agama, the new Director General of the SEC, to flesh out ideas for collaboration with key stakeholders in the Nigerian crypto industry.
According to Uwakwe, the meeting will provide an opportunity for various crypto associations in Nigeria to express their views on how to handle regulation in the country.
The associations include 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).
News continues after this announcement
News continues after this announcement
Mr Uwakwe hopes the meeting will mark the start of a positive trend in crypto regulation in the country.
- “Everyone’s presence and insights are invaluable as we collectively navigate the regulatory terrain and strive to foster an environment conducive to innovation and growth within the blockchain and cryptocurrency industry,” said Uwakwe .
This effort by the country’s Crypto entities follows a crackdown by Nigerian authorities on crypto exchanges in the country due to regulatory concerns.
What there is to know
- In February, the Nigerian government used the country’s telecommunications providers to block local crypto users from accessing the websites of various crypto exchanges such as Binance, OctaFX and others.
- The Nigerian SEC also increased registration fees for crypto exchanges from 30 million naira to 150 million naira, sparking criticism from local crypto exchanges who would struggle to raise such an amount.
- Binance, the world’s largest cryptocurrency exchange, recently shut down its services in the country following accusations of money laundering and tax evasion by Nigerian authorities.