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The newly appointed Director General, Securities and Exchange Commission, SEC, Dr Emomotimi Agama, will on Monday, May 6, meet with the local and international crypto exchanges. According to report, the meeting is to discuss and seek consensus on the status of crypto in Nigeria.

The meeting is on the instance of the Blockchain Industry Coordinating Committee of Nigeria. It is billed to address relevant issues and chart a progressive course for crypto regulations in the country.

According to BICCoN chair, Lucky Uwakwe, the meeting is open to all digital assets exchange operators, and wallet providers. Also to attend to meeting is virtual asset service providers (VASPs), and relevant industry associations and bodies.

Speaking with Cointelegraph on Thursday, Uwakwe said the meeting would address relevant issues. And would also chart a progressive course for crypto regulations in Nigeria.

Uwakwe pointed out that the virtual meeting is being convened at the invitation of the SEC DG.

According to him, Agama aimed to engage with key stakeholders in the blockchain and cryptocurrency ecosystem. And to address regulatory challenges and opportunities through collaborative dialogue.

The associations include the Blockchain Nigeria User Group (BNUG) and the Cryptographic Development Initiative in Nigeria (CDIN). Others are the Digital Currency Consortium (DCC) and the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).

Uwakwe expressed hope that the meeting could spark the right kind of change that would favour all crypto stakeholders in Nigeria and internationally.

He said, “Everyone’s presence and insights are invaluable as we collectively navigate the regulatory terrain. And strive toward fostering an environment conducive to innovation and growth within the blockchain and cryptocurrency sector.”

Recall that Nigeria has taken steps contradicting its December 2023 decision to lift a crypto ban. The country has since launched probes into the use of cryptocurrency in the country.

In February, the Central Bank of Nigeria, CBN, used the country’s telecommunication providers to prevent local crypto users from accessing the websites of various crypto exchanges such as Binance, OctaFX and others.

Nigeria’s SEC also proposed an amendment to the rules guiding platforms offering crypto services. The Commission, however, suggested a hike in the registration fee for crypto exchanges from N30 million ($18,620) to N150 million ($93,000).

source: PUNCH

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