Dr. Emomotimi Agama, recently appointed as the Director General of the Securities and Exchange Commission (SEC), is set to engage in discussions with both local and international cryptocurrency exchanges on Monday. The primary objective of this meeting is to deliberate upon and achieve a consensus regarding the regulatory status of cryptocurrency within Nigeria.
The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) organized the meeting strategically to address critical issues surrounding cryptocurrency regulations and promote a proactive approach in resolving them.
Uwakwe highlighted Dr. Agama’s initiation of the virtual gathering, emphasizing SEC’s commitment to engaging blockchain and cryptocurrency stakeholders.
Prominent participating entities 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). They contribute expertise and insights to foster dialogue and shape cryptocurrency regulations in Nigeria and beyond.
Uwakwe expressed optimism about the meeting’s potential to initiate positive changes that would benefit all cryptocurrency stakeholders within Nigeria and globally. He emphasized the importance of collective insights, navigating regulatory challenges, fostering an environment conducive to growth. Moreover, fostering innovation is crucial in navigating complexities within the blockchain and cryptocurrency realm effectively.
Nigeria’s position on cryptocurrency has experienced fluctuations since its decision in December 2023 to lift the crypto ban. Despite this, the country has initiated inquiries into cryptocurrency usage.
In February, the Central Bank of Nigeria collaborated with telecom providers to restrict local cryptocurrency users’ website access. Subsequently, Nigeria’s SEC proposed amendments, indicating a significant increase in crypto exchange registration fees.
Furthermore, these actions underscore the government’s proactive stance on regulating the cryptocurrency sector within Nigeria. As a result, stakeholders are closely monitoring developments to navigate the evolving regulatory landscape.
Stakeholders eagerly await Monday’s discussions on cryptocurrency, acknowledging the significance of navigating Nigeria’s regulatory landscape. Consequently, with the evolving cryptocurrency sector, the outcomes of these talks are crucial for stakeholders and regulatory compliance.
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