Crypto Exchanges Seek Regulatory Talks with Nigerian SEC Chief

The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) is organizing a roundtable discussion on May 6 to address the status of cryptocurrency in the country. The meeting will bring together the new Director General of the Securities Exchange Commission (SEC) and various local and international crypto exchanges in Nigeria. The goal is to seek consensus and discuss important issues related to crypto regulations. Lucky Uwakwe, the chair of BICCoN, emphasized that the meeting is open to all digital assets exchange operators, wallet providers, and other relevant industry associations and bodies. Dr. Emomotimi Agama, the new DG of SEC Nigeria, initiated the meeting to engage with key stakeholders in the blockchain and cryptocurrency ecosystem and address regulatory challenges and opportunities.

Uwakwe highlighted that industry associations like Blockchain Nigeria User Group (BNUG), Cryptographic Development Initiative in Nigeria (CDIN), Digital Currency Consortium (DCC), and Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) will be given the opportunity to present their perspectives on the current state of crypto in Nigeria. The ultimate aim is to bring about positive change that benefits all crypto stakeholders in Nigeria and internationally. Uwakwe emphasized the importance of collective navigation of the regulatory landscape and the creation of an environment that promotes innovation and growth in the blockchain and cryptocurrency sector.

Contradicting its previous stance in December 2023 to lift the crypto ban, Nigeria has taken steps to investigate the use of cryptocurrency in the country. In February, the Nigerian government used telecommunication providers to block access to various crypto exchange websites. Nigeria’s SEC proposed an amendment to the rules governing platforms offering crypto services, including a significant increase in the registration fee for crypto exchanges. This proposed change, raising the fee from 30 million naira to 150 million naira, has drawn criticism. Some argue that the high fee would primarily benefit foreign firms and put local entities at a disadvantage.

The roundtable discussion organized by BICCoN and facilitated by the SEC aims to address these concerns and promote dialogue between regulatory bodies and crypto stakeholders. The meeting provides an opportunity for all parties to express their views and work towards a progressive and fair regulatory framework for cryptocurrency in Nigeria. With the wealth of experience in blockchain and the capital market possessed by Dr. Emomotimi Agama, the new DG of SEC Nigeria, the gathering holds promise for meaningful discussions and potential solutions to the challenges faced by the cryptocurrency industry in the country.

2 thoughts on “Crypto Exchanges Seek Regulatory Talks with Nigerian SEC Chief

  1. I highly doubt anything meaningful will come out of this discussion.

  2. It feels like the government is just trying to control and suppress the crypto industry.

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