Crypto exchange to meet Nigerian SEC chief for regulatory talks

The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has convened a round table between the new Director General of the Nigerian Securities and Exchange Commission (SEC) and local and international crypto exchanges on May 6 to discuss and seek consensus on the state of crypto. Country.

In a call with Cointelegraph, BICCoN Chairman Lucky Uwakwe explained that the meeting is open to all digital asset exchange operators, wallet providers, other Virtual Value Service Providers (VASPs) and relevant industry associations and bodies to address relevant issues. A progressive course for crypto regulations in Nigeria.

Uwakwe disclosed that the virtual meeting is being convened at the invitation of the new SEC Director General, Imomotimi Agama. Agama aims to address regulatory issues and opportunities in the blockchain and cryptocurrency ecosystem through a collaborative dialogue with key stakeholders.

Agama, who was recently appointed to lead the regulatory body, is known for his expertise in blockchain and capital markets.

According to Uwakwe, the meeting will enable various industry associations to present their views on the state of crypto in Nigeria.

Some of these associations include Blockchain Nigeria User Group (BNUG), Cryptographic Development Initiative in Nigeria (CDN), Digital Currency Consortium (DCC) and Blockchain Technology Association of Nigeria (SIBAN) Stakeholders.

Uwakwe expressed hope that the meeting could bring real change in favor of all crypto stakeholders in Nigeria and globally.

“Everyone's presence and understanding is invaluable as we navigate regulatory space together and strive to create an environment conducive to innovation and growth in the blockchain and cryptocurrency sector.”

Nigeria in the year It has taken steps against its decision to lift the cryptocurrency ban in December 2023 and has since launched investigations into the use of cryptocurrency in the country.

RELATED: Nigerian Fintech Cracks On Crypto, Users Face Account Bans

In February, the Nigerian government used the country's telecommunications providers to block local crypto users from using the websites of crypto exchanges such as Binance, OctaFX and others.

The Nigerian SEC has suggested an increase in the registration fee from 30 million Nigerian Naira ($18,620) to 150 million Naira ($93,000) in a proposed amendment to the guidelines for platforms that offer crypto services.

Although the SEC attributed the proposed changes to input from industry stakeholders, some criticized the 500 million naira ($310,343) paid-up capital requirement. They argue that this high fee will primarily harm foreign firms and domestic entities.

Magazine: US law enforcement agencies are turning up the heat on crypto-related crimes.