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BICCoN Organizes Virtual Meeting For Nigeria Blockchain Industry

The Nigerian blockchain industry is gearing up for a crucial virtual meeting organized by the Blockchain Industry Coordinating Committee of Nigeria (BICCoN). This umbrella organization, representing major blockchain associations, is taking a proactive step to establish a clearer regulatory landscape for cryptocurrencies within the country is taking place on May 6th, 2024.

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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.

Click Here to Register for this Meeting

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A Commitment to Collaboration:

Uwakwe further highlighted that the virtual meeting is being held at the invitation of the new SEC Director General, Emomotimi Agama. This underscores the SEC’s commitment to collaborative dialogue with key stakeholders in the blockchain and cryptocurrency ecosystem. The aim is to address regulatory challenges and opportunities through open communication and a shared vision for the future of crypto in Nigeria.

Why This Virtual Meeting Matters:

This virtual event presents a significant opportunity for Nigeria to establish a clear regulatory roadmap for its burgeoning crypto sector. Open and collaborative dialogue between regulators, industry leaders, and stakeholders can lead to a framework that fosters responsible innovation and positions Nigeria as a frontrunner in African crypto adoption.

The outcome of the BICCoN virtual meeting on May 6th will be closely monitored by the global crypto community. A well-defined regulatory environment in Nigeria has the potential to serve as a model for other African nations navigating the dynamic world of digital assets.

Click Here to Register for this Meeting

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TAGiAfrica™ is a Web3 Magazine that is documenting the African journey in the crypto and blockchain industry for over a decade. We are the Pan-African magazine that covers business, technology, Blockchain, Crypto and Innovation.We are the essential resource for anyone who wants to stay up-to-date on the latest trends in Africa. The magazine is also a valuable resource for businesses that are looking to expand into Africa and committed to promoting African entrepreneurship and innovation.

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