LAGOS, Nigeria (VOICE OF NAIJA) – The Securities and Exchange Commission (SEC) is set to engage in crucial discussions with both local and international cryptocurrency stakeholders on Monday.
The newly appointed Director General of the SEC, Dr. Emomotimi Agama, will lead the meeting aimed at clarifying the regulatory status of cryptocurrencies in Nigeria.
Organized by the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the meeting seeks to address relevant issues and outline a path forward for the industry surrounding crypto regulations.
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According to the chair of BICCoN, lucky Uwakwe, informed Cointelegraph on Thursday, that the meeting which includes all digital assets exchange operators, wallet providers, virtual asset service providers (VASPs), and relevant industry associations, aim to address pertinent issues and collaboratively shape progressive crypto regulations in Nigeria.
The virtual gathering, convened at the SEC chief’s request, aims to foster collaborative dialogue with key players in the blockchain and cryptocurrency sector to look into the 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).
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Uwakwe expressed optimism regarding the meeting’s potential to drive positive change beneficial to 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.
This development comes amid Nigeria’s recent regulatory actions regarding cryptocurrencies, which diverge from its earlier decision to lift a crypto ban in December 2023.
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In February, the Central Bank of Nigeria restricted access to the websites of various crypto exchanges through local telecommunication providers such as binance, OctaFX and others.
Additionally, the SEC proposed amendments to crypto service platform regulations, including a significant increase in registration fees for crypto exchanges from N30 million ($18,620) to N150 million ($93,000).