The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has announced that it will be hosting a roundtable discussion on May 6. The purpose of the meeting is to facilitate dialogue and consensus between the new director general of the Nigerian Securities and Exchange Commission (SEC) and both local and international cryptocurrency exchanges. The aim is to address the current state of crypto in Nigeria and establish a clear path for future regulations.
Lucky Uwakwe, the chair of BICCoN, stated that the meeting is open to all digital assets exchange operators, wallet providers, and other virtual asset service providers (VASPs), as well as relevant industry associations and bodies. The objective is to give these stakeholders an opportunity to present their perspectives on the regulatory challenges and opportunities in the blockchain and cryptocurrency ecosystem.
The roundtable is being organized at the invitation of Emomotimi Agama, the new director general of the SEC. Agama, who has extensive experience in blockchain and the capital market, is eager to engage with key players in the industry and foster collaborative dialogue to address regulatory concerns.
Uwakwe expressed optimism that the meeting could bring about positive changes that would benefit all crypto stakeholders in Nigeria and beyond. This comes as Nigeria has taken steps to reverse its previous decision to ban cryptocurrencies in December 2023 and has launched investigations into the use of cryptocurrency in the country.
Additionally, the SEC has proposed amendments to the rules governing platforms offering crypto services. These proposed changes include a significant increase in the registration fee for crypto exchanges. While the SEC claims that these changes are based on input from industry stakeholders, some have criticized the high paid-up capital requirement, arguing that it would primarily benefit foreign firms and put local entities at a disadvantage.
In related news, enforcement agencies in the United States are intensifying their efforts to combat crypto-related crimes. This highlights the growing importance of regulatory measures and collaboration within the cryptocurrency industry to ensure its integrity and security.