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HomeLaw & PoliticsNigeria Hosts Crypto Roundtable with SEC to Shape Regulatory Framework

Nigeria Hosts Crypto Roundtable with SEC to Shape Regulatory Framework

The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has scheduled a pivotal roundtable discussion for May 6, aimed at addressing the regulatory landscape of cryptocurrencies in Nigeria. This meeting will bring together the new director general of the Nigerian Securities and Exchange Commission (SEC), Emomotimi Agama, and representatives from both local and international crypto exchanges.

The meeting will involve a wide array of participants, including digital asset exchange operators, wallet providers, other virtual asset service providers (VASPs), and members of relevant industry associations like 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).

The primary focus of the roundtable is to forge a consensus on the status of cryptocurrencies in Nigeria, exploring the perspectives of various stakeholders within the blockchain and cryptocurrency ecosystems. The discussion is expected to cover regulatory challenges and opportunities, aiming to chart a progressive course for crypto regulations in Nigeria.

The virtual meeting is scheduled for May 6, convened at the invitation of Emomotimi Agama, who has recently taken charge as the director general of the SEC.

While the meeting will be held virtually, it is expected to have a significant impact on the regulatory framework governing cryptocurrencies across Nigeria.

The roundtable is being organized to address the urgent need for clear and effective crypto regulations in Nigeria. This comes in the backdrop of Nigeria’s complex relationship with digital currencies, including a previous crypto ban and subsequent regulatory probes.

Under the guidance of Emomotimi Agama, known for his expertise in blockchain and capital market sectors, the meeting aims to facilitate a detailed exchange of ideas and regulatory proposals among the key stakeholders. By including a broad spectrum of voices from within the industry, BICCoN hopes to advocate for regulations that support innovation while managing the risks associated with cryptocurrency operations.

This initiative reflects Nigeria’s ongoing efforts to balance regulatory oversight with the promotion of technological advancements in the cryptocurrency sector. The outcome of this meeting could significantly influence the future of crypto operations, potentially setting a precedent for how emerging markets globally could handle similar regulatory challenges.

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