May 25, 2024
Policy & Regulation

Nigeria’s Roundtable Tackles Crypto Regulatory Challenges

The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) is set to host a pivotal roundtable discussion on May 6. This roundtable is aimed at fostering collaboration and seeking consensus on the regulatory challenges of cryptocurrencies in Nigeria.

The meeting will bring together the new director general of the Nigerian Securities and Exchange Commission (SEC), Emomotimi Agama, along with local and international crypto exchanges, to address pertinent issues surrounding crypto regulations.

Engaging Stakeholders for Regulatory Clarity

BICCoN Chair, Lucky Uwakwe, emphasized the inclusive nature of the meeting. He has invited all digital assets exchange operators, wallet providers, and relevant industry associations to participate.

The initiative comes in response to an invitation from Agama, who seeks to engage key stakeholders in the blockchain and cryptocurrency ecosystem to navigate regulatory challenges collaboratively.

Perspectives and Challenges in Focus

The roundtable will provide a platform for various industry associations. Organizations like the Blockchain Nigeria User Group (BNUG) and the Digital Currency Consortium (DCC) can present their perspectives on the current state of crypto in Nigeria.

Furthermore, Uwakwe expressed optimism that the meeting could catalyze positive change beneficial to all crypto stakeholders domestically and internationally.

Navigating Regulatory Terrain Amidst Contradictory Actions

Nigeria’s recent regulatory actions have sparked numerous controversies. These include probes into cryptocurrency use and proposals to increase registration fees for crypto exchanges.

Additionally, critics argue that the substantial capital requirements would favor foreign entities over local businesses.

Moreover, the roundtable signals a proactive effort to address these concerns. It aims to foster a conducive environment for innovation and growth within Nigeria’s blockchain and cryptocurrency sector.

While the stakeholders prepare to converge on May 6, the outcome of the roundtable discussions holds significant implications for the future trajectory of crypto regulations in Nigeria and beyond.

Image by freepik

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