Nigeria's Blockchain Committee to Discuss Crypto Regulations with SEC and Exchanges
Summary:
The Nigerian Blockchain Industry Coordinating Committee (BICCoN) is hosting a meeting between local and international crypto exchanges and the new Securities Exchange Commission (SEC) Director General on May 6. The meeting aims to discuss the status of crypto in Nigeria and plot a course for future regulations. The event, initiated by Dr. Emomotimi Agama, the new SEC Nigeria DG, seeks to address key regulatory challenges in the crypto sector and find collaborative solutions. The session is expected to trigger beneficial changes for all crypto stakeholders.
On May 6, the Nigerian Blockchain Industry Coordinating Committee (BICCoN) will host a meeting between the new Securities Exchange Commission (SEC) Director General and crypto exchanges, both domestically and internationally. The aim is to harmonize views on crypto status in the country. As BICCoN's chair, Lucky Uwakwe, outlined during a conversation with Cointelegraph, the invitation extends to all digital asset operations, wallet holders, other virtual asset service providers and associated industry organizations to tackle core issues and strategize development of crypto regulations.
The virtual gathering has been arranged at the behest of Dr. Emomotimi Agama, the fresh SEC Nigeria DG. Agama's objective is to bring together pivotal players in blockchain and cryptocurrency to address organizational hurdles and potentials through cohesive discourse. Agama, having recently obtained leadership of the regulatory body, is recognized for his extensive knowledge of blockchain and capital markets.
The conversation will grant various industry bodies an opportunity to present their views on Nigeria's current crypto climate, Uwakwe said. Including but not limited to 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 voiced optimism that the planned discussions could incite the necessary shift that would benefit all crypto participants in Nigeria and globally. In his words: "The contribution and wisdom of everyone is crucial as we collectively maneuver the regulatory landscape and work towards developing a setting that encourages creativity and expansion in the blockchain and cryptocurrency domain."
Contrary to its December 2023 decision to lift crypto restrictions, Nigeria has initiated investigations about cryptocurrency usage within the nation. In February, the government utilized telecom providers to block local crypto users' access to various crypto exchange websites like Binance and OctaFX.
SEC Nigeria proposed an increase in registration charges for crypto platforms from 30 million naira, the national currency (equivalent to $18,620), to 150 million naira ($93,000). Even though the SEC justifies these proposed changes as inputs from industry stakeholders, there has been criticism over the 500 million naira ($310,343) paid-up capital obligation. Critics argue that this exorbitant fee will mainly profit overseas companies and disadvantage domestic operators.
Published At
5/3/2024 12:47:42 PM
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