BICCoN Organizes Virtual Meeting For Nigeria Blockchain Industry

Key Participants in the Virtual Discussion:

• New Director General of the Nigerian Securities and Exchange Commission (SEC): Emomotimi Agama’s presence signifies the SEC’s commitment to open dialogue and collaboration with industry stakeholders in shaping crypto regulations.
• Local and International Crypto Exchanges: Representatives from both domestic and global crypto exchanges will provide valuable insights into the practical realities of operating within the Nigerian market.

What’s on the Agenda?

• Reaching Consensus on Crypto Status: A central focus will be achieving a common understanding of how cryptocurrency is legally classified in Nigeria. Is it considered a security, a commodity, or something else entirely? Clear classification is a prerequisite for establishing appropriate regulations.
• Addressing Pressing Issues: The discussion will likely delve into key challenges facing the Nigerian crypto space. These might include concerns surrounding Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT), consumer protection measures, and the development of a taxation framework for crypto transactions.
• Charting a Progressive Course: The ultimate goal is to create a regulatory environment that fosters innovation and growth within the Nigerian crypto industry. At the same time, this framework should ensure financial stability and protect consumers from potential risks.

Open to a Wider Audience:

While the core discussion involves the Director General and crypto exchanges, BICCoN is extending the invitation to a broader audience, as explained by BICCoN chair Lucky Uwakwe:

• Digital Asset Exchange Operators: Any operator of a platform facilitating the exchange of digital assets within Nigeria is encouraged to participate.
• Wallet Providers: Entities offering cryptocurrency wallet services can contribute their expertise and ensure their interests are represented.
• Other Virtual Asset Service Providers (VASPs): Any company providing services related to cryptocurrencies, such as custody or brokerage, can join the conversation.
• Industry Associations and Bodies: Representatives from other blockchain-related associations and organizations can add their perspectives to the discussion.