The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has organized a roundtable discussion between the new director general of the Nigerian Securities and Exchange Commission (SEC) and local and international cryptocurrency exchanges. The purpose of the meeting, which will take place on May 6, is to address the status of cryptocurrency in Nigeria and reach a consensus.
Lucky Uwakwe, the chair of BICCoN, stated during a call with Cointelegraph that the roundtable is open to all digital asset exchange operators, wallet providers, virtual asset service providers (VASPs), and relevant industry associations and bodies. The goal is to discuss pertinent issues and establish a progressive path for cryptocurrency regulations in the country.
The roundtable has been convened at the invitation of Emomotimi Agama, the new director general of the SEC, who aims to engage with key stakeholders in the blockchain and cryptocurrency ecosystem. Agama, who brings extensive experience in blockchain and the capital market to his role, wants to address regulatory challenges and explore opportunities through collaborative dialogue.
Uwakwe mentioned that the meeting will provide an opportunity for various industry associations to present their perspectives on the current state of cryptocurrency in Nigeria. Among the associations invited to participate are 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).
Uwakwe expressed optimism that the roundtable could bring about positive changes that would benefit all cryptocurrency stakeholders in Nigeria and globally. He highlighted the recent contradictory actions taken by Nigeria, such as the lifting of a crypto ban in December 2023 followed by probes into cryptocurrency usage in the country.
In February, the Nigerian government collaborated with telecommunication providers to block access to the websites of various crypto exchanges, including Binance and OctaFX, for local crypto users. Additionally, Nigeria’s SEC proposed an amendment to the rules governing platforms offering crypto services, which included a significant increase in the registration fee for crypto exchanges.
While the SEC attributes these proposed changes to input from industry stakeholders, some critics have raised concerns about the 500 million naira ($310,343) paid-up capital requirement. They argue that this high fee would primarily benefit foreign firms and put local entities at a disadvantage.
On a related note, US enforcement agencies are intensifying their efforts to combat crypto-related crime, as reported by a magazine.