Nigeria’s BICCoN crypto exchange calls for round table with SEC boss amid brutality

Recently, crypto exchanges like Binance have come under heavy scrutiny in Nigeria as the BICCoN-led initiative shows its determination to foster a conducive crypto environment for the meeting between the SEC chief and crypto exchanges. The outcome of the discussions has the potential to shape the direction of future crypto regulation in Nigeria.

Nigeria's cryptocurrency landscape is seeing a lot of activity as regulatory discussions heat up. Amid attacks on crypto transactions by the Central Bank of Nigeria (CBN), the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has convened a critical meeting between the head of the Securities Exchange Commission (SEC) and local and international crypto exchanges.

Regulatory discussion raises hopes for crypto exchanges

Despite efforts to promote regulatory transparency, Nigeria's crypto space faces contradictions and challenges, including the recent Central Bank of Nigeria investigation into attacks on crypto transactions and the use of cryptocurrency. Moreover, telecommunications providers have been forced to block local crypto users from using the websites of various crypto exchanges.

Also, in 2022, the SEC introduced new crypto regulations, including a significant increase in registration fees for crypto exchanges, which led to criticism, especially of the potential harm to local entities.

The meeting, scheduled for May 6, aims to resolve regulatory issues and seek consensus on the country's crypto situation. Nigeria's crypto regulatory landscape shows signs of change following a major crackdown on cryptocurrency activities in the country.

Dr. Imomotimi Agama, the newly appointed SEC Director General, invited industry players including Blockchain Nigeria User Group (BNUG), Cryptographic Development Initiative in Nigeria (CDN), Digital Currency Consortium (DCC) and stakeholders in the Blockchain Technology Association. of Nigeria (SiBAN).

If fruitful, the meeting will encourage collaborative efforts to explore regulatory challenges and unlock growth opportunities in the Nigerian crypto ecosystem.

Different views were brought to the table, it is hoped that the meeting can bring about positive changes that will benefit all crypto stakeholders in Nigeria and globally.