Regulation
New SEC chief begins talks on crypto regulation amid Nigeria industry turmoil
The new Director General of the Securities and Exchange Commission (SEC) of 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 path forward for crypto regulation.
“Everyone’s presence and knowledge is 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 Lucky Uwakwe, president 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 head of the SEC to address regulatory challenges and explore opportunities for the industry.
SEC Chief Launches Collaborative Talks on Crypto Regulation
Nigeria has had a tumultuous relationship with cryptocurrencies in recent years. In December 2023, the country lifted the ban on cryptocurrencies, but has since taken steps that contradict this decision. In February 2024, the Central Bank of Nigeria (CBN) used telecommunications providers to block local crypto users from accessing the websites of various crypto exchanges, such as Binance, OctaFX and others.
Additionally, Nigeria’s SEC has proposed an amendment to the rules governing platforms offering crypto services, suggesting an increase in registration fees for crypto exchanges from 30 million naira ($18,620) to 150 million naira ($93,000). The move has raised concerns within the crypto community as it could potentially create hurdles for smaller players in the industry.
The upcoming meeting with the head of the SEC provides an opportunity for crypto stakeholders in Nigeria to voice their concerns and work towards a more favorable regulatory environment. The collaborative dialogue should address these challenges and explore ways to foster innovation and growth within the blockchain and cryptocurrency industry.
According to Uwakwe, the virtual meeting is convened at the invitation of the head of the SEC, which aims to engage with key stakeholders in the blockchain and cryptocurrency ecosystem to address challenges and opportunities in crypto regulation through collaborative dialogue.
As Nigeria navigates the evolving crypto landscape, this meeting could be 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 toward a more inclusive and progressive approach to crypto regulation.
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