The Blockchain Industry Coordinating Council of Nigeria (BICCoN) is set to organize a roundtable meeting on May 6, facilitating discussions between the new Director General of the Securities and Exchange Commission of Nigeria (SEC) and both local and international cryptocurrency exchanges. The primary agenda of the meeting is to deliberate on the status of cryptocurrencies in Nigeria and strive for national consensus on the matter.
The invitation for the virtual meeting stemmed from the initiative of SEC’s new Director General, Emomotimi Agama, who seeks to foster collaboration with key stakeholders in the blockchain and cryptocurrency ecosystem. Agama, renowned for his extensive experience in blockchain and capital markets, intends to tackle regulatory challenges and explore opportunities through constructive dialogue.
Uwakwe emphasized that the conference will serve as a platform for various industry associations to articulate their perspectives on the current cryptocurrency landscape in Nigeria. Notable participants include the Blockchain Users Group of Nigeria (BNUG), the Cryptocurrency Development Initiative of Nigeria (CDIN), the Digital Currency Consortium (DCC), and the Blockchain Technology Stakeholders Association of Nigeria (SiBAN).
With optimism, Uwakwe expressed confidence that the conference will catalyze positive changes beneficial to all cryptocurrency stakeholders in Nigeria and beyond. He stressed the importance of collective insights in navigating regulatory complexities and fostering an environment conducive to innovation and growth in the blockchain and cryptocurrency sector.
In recent developments, Nigeria has demonstrated a mixed approach to cryptocurrency regulation, with actions conflicting with its decision to lift the cryptocurrency ban in December 2023. Despite initial strides, such as the launch of an investigation into cryptocurrency usage, regulatory proposals, including substantial registration fee hikes for crypto exchanges, have sparked debate and criticism among stakeholders.
