BICCON
Crypto exchanges to have important meeting with Nigerian SEC Chief over regulation
The Blockchain Industry Coordinating Committee of Nigeria (BICCON) is putting together a roundtable with International and local crypto exchanges and the new director general of the Nigerian Securities and Exchange Commission (SEC) to find a middle ground on the status of crypto in the country.
According to CoinTelegraph, the BICCON chairperson, Lucky Uwakwe, explained that the meeting is open to all digital assets exchange operators, wallet providers, other virtual asset service providers (VASPs), and relevant industry associations and bodies to discuss the bottlenecks and challenges revolving round crypto regulations in the country.
Mr. Uwakwe explained that the proposed virtual meeting is being convened at the invitation of Emotimi Agama, the new Director General of the SEC to flesh out collaborative ideas with key stakeholders in the Nigerian crypto industry.
According to Uwakwe, the meeting will create an opportunity for various crypto associations in Nigeria to air their views on how to navigate regulation in the country.
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).
Mr. Uwakwe hoped the meeting would mark the beginning of a positive trend in crypto regulation in the country.
- “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,” Uwakwe said
This effort by Crypto entities in the country follows a crackdown by Nigerian authorities on crypto exchanges in the country over regulatory concerns.
What to Know
- In February, the Nigerian government 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.
- Nigerian SEC also hiked the registration fee for crypto exchanges from N30 Million to N150 million drawing criticism from local crypto exchanges who would struggle to raise such an amount.
- Binance, the world’s largest cryptocurrency exchange recently shut down its services in country following accusations of Money laundering and tax evasion by Nigerian authorities.
