Crypto Regulation: SEC Chief to Meet Foreign, Local Crypto Exchanges, Others Monday

4th May 2024

The newly appointed Director-General, Securities and Exchange Commission, Dr Emomotimi Agama, will meet with the local and international crypto exchanges on Monday to discuss and seek consensus on the status of crypto in the country.

The meeting convened by the Blockchain Industry Coordinating Committee of Nigeria would address relevant issues and chart a progressive course for crypto regulations.

According to BICCoN Chair, Lucky Uwakwe, who spoke with Cointelegraph on Thursday, the meeting was open to all digital assets exchange operators, wallet providers, other virtual asset service providers (VASPs), and relevant industry associations and bodies to address relevant issues and chart a progressive course for crypto regulations in Nigeria.

Uwakwe explained that the virtual meeting was being convened at the invitation of the SEC chief.

He noted that Agama aimed to engage with key stakeholders in the blockchain and cryptocurrency ecosystem to address regulatory challenges and opportunities through collaborative dialogue.

The associations 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).

Uwakwe expressed hope that the meeting could spark the right kind of change that would favour all crypto stakeholders in Nigeria and internationally.

“Everyone’s presence and insights are invaluable as we collectively navigate the regulatory terrain and strive toward fostering an environment conducive to innovation and growth within the blockchain and cryptocurrency sector,” he said.

Recall that Nigeria has taken steps contradicting its December 2023 decision to lift a crypto ban and has since launched probes into the use of cryptocurrency in the country.

In February, the Central Bank of Nigeria used the country’s telecommunication providers to prevent local crypto users from accessing the websites of various crypto exchanges such as Binance, OctaFX and others.

Nigeria’s SEC also proposed an amendment to the rules guiding platforms offering crypto services, suggesting a hike in the registration fee for crypto exchanges from N30 million ($18,620) to N150 million ($93,000).