Regulation
SEC chief to meet with foreign and local crypto exchanges and others on Monday
The new Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama, will meet with local and international crypto exchanges on Monday to discuss and seek consensus on the status of crypto in the country.
The meeting convened by the Nigeria Blockchain Industry Coordination Committee would address relevant issues and chart a progressive path for crypto regulation.
According to BICCoN Chairman Lucky Uwakwe, who spoke with Cointelegraph on Thursday, the meeting is open to all digital asset exchange operators, wallet providers, other virtual asset service providers (VASPs) as well as to relevant industry associations and bodies to address relevant questions and graphics. a progressive course for crypto regulation in Nigeria.
Uwakwe explained that the virtual meeting is convened at the invitation of the head of the SEC.
He noted that Agama aims to engage with key stakeholders in the blockchain and cryptocurrency ecosystem to address regulatory challenges and opportunities through collaborative dialogue.
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).
Uwakwe expressed hope that the meeting could trigger the right kind of change that would benefit all crypto stakeholders in Nigeria and the world.
“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,” he said. -he declares.
Recall that Nigeria took steps contradicting its December 2023 decision to lift the ban on cryptocurrencies and has since launched investigations into the use of cryptocurrencies in the country.
In February, the Central Bank of Nigeria 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.
Nigeria’s SEC also 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).