Nigeria SEC head to discuss regulation with exchanges
Key Takeaways
- BICCoN will host a roundtable with the Nigerian SEC and global cryptocurrency exchange leaders on May 6 to address cryptocurrency regulation in Nigeria.
- The conference aims to be inclusive, inviting a wide range of digital asset stakeholders and industry associations.
- The roundtable is seen as a proactive step by Nigerian authorities to engage with industry experts.
Hosted by the Blockchain Industry Coordinating Council of Nigeria (BICCoN) on May 6th. A virtual roundtable featuring Emomotimi Agama, the new Director-General of the Securities and Exchange Commission of Nigeria (SEC), and representatives of domestic and international cryptocurrency exchanges.
The purpose of this meeting is Collaboratively address regulatory issues and develop strategies. For cryptocurrency management in Nigeria.
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BICCoN Chairman Lucky Uwakwe emphasized that the meeting: All digital asset stakeholders are welcome—Includes exchange operators, wallet providers, and other virtual asset service providers (VASPs)—The same goes for major industry associations.
Notable participants include leaders from Blockchain Nigeria User Group (BNUG), Crypto Development Initiative of Nigeria (CDIN), Digital Currency Consortium (DCC), and Blockchain Technology Association Stakeholders (SiBAN).
Uwakwe is optimistic about this. potential consequences At the meeting, he said:
Everyone’s presence and insight will be invaluable as we navigate the regulatory terrain together and work to create an environment conducive to innovation and growth within the blockchain and cryptocurrency sectors.
The roundtable demonstrates the active efforts of Nigerian regulators to collaborate with industry experts to improve digital currency regulation.
The timing of the roundtable is particularly important when considering: Current uncertainty in the Nigerian cryptocurrency market; There are legal issues, especially with cryptocurrency exchanges like Binance.
The Nigerian government has officially invited Binance to discuss alleged Nigerian naira manipulation. However, during this meeting, two executives of the cryptocurrency exchange were detained and now face several charges related to money laundering.
One of the executives, Nadeem Anjarwalla, escaped custody and was later found in Kenya and now faces extradition to Nigeria.
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