Crypto regulation: SEC director to meet with local and international exchanges, among others Monday

On Monday, local and international cryptocurrency exchanges will convene with Dr. Emomotimi Agama, the recently appointed Director General of the Securities and Exchange Commission, to deliberate and reach a consensus regarding the current state of cryptocurrency in the nation.

The Nigerian Blockchain Industry Coordinating Committee called the meeting to discuss pertinent concerns and outline a forward-thinking plan for cryptocurrency legislation.

The meeting is open to all operators of digital asset exchanges, wallet providers, other virtual asset service providers (VASPs), and pertinent industry associations and bodies in order to address pertinent issues and map out a progressive path for cryptocurrency regulations in Nigeria, according to BICCoN chair Lucky Uwakwe, who spoke with Cointelegraph on Thursday.

Uwakwe clarified that the SEC chief’s invitation is the reason for calling the virtual meeting.

He mentioned that Agama wanted to have cooperative conversations with important players in the blockchain and cryptocurrency ecosystem to solve potential and regulatory challenges.

The Cryptographic Development Initiative in Nigeria (CDIN), the Digital Currency Consortium (DCC), the Blockchain Nigeria User Group (BNUG), and the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) are among the associations.

Uwakwe expressed optimism that the gathering will lead to the kind of reform that would benefit all parties involved in the cryptocurrency space in Nigeria and throughout the world.

“Everyone’s presence and insights are invaluable as we work together to navigate the regulatory landscape and create an atmosphere that supports innovation and expansion in the blockchain and cryptocurrency space,” the speaker stated.

Remember that Nigeria has since initiated investigations into the use of cryptocurrencies in the nation and taken actions that run counter to its December 2023 decision to lift a ban on them.

The Central Bank of Nigeria blocked local cryptocurrency users’ access to the websites of numerous cryptocurrency exchanges, including Binance, OctaFX, and others, in February by using the nation’s telecom carriers.

The SEC of Nigeria also suggested changing the regulations governing platforms that provide cryptocurrency services, proposing to increase the amount required to register a cryptocurrency exchange from N30 million ($18,620) to N150 million ($93,000).