Nigeria: SEC Chief to Convene Meeting with Local and International Crypto Exchanges

Dr. Emomotimi Agama, the newly appointed Director General of the Securities and Exchange Commission (SEC), is scheduled to meet with both local and international crypto exchanges on Monday to deliberate on the status of cryptocurrencies in the country.

The meeting, organized by the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), aims to address pertinent issues surrounding cryptocurrency regulation and to establish a collaborative framework for regulatory measures.

Lucky Uwakwe, Chair of BICCoN, confirmed the meeting in an interview with Cointelegraph on Thursday, emphasizing its open invitation to digital assets exchange operators, wallet providers, other virtual asset service providers (VASPs), and relevant industry associations and bodies.

Uwakwe clarified that the virtual meeting was initiated at the request of the SEC chief, Dr. Agama, who seeks to engage with key stakeholders in the blockchain and cryptocurrency ecosystem to navigate regulatory challenges and identify opportunities through constructive dialogue.

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

Uwakwe expressed optimism that the meeting could catalyze positive changes beneficial to all crypto stakeholders in Nigeria and beyond.

He stated, “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.”

The meeting follows Nigeria’s recent regulatory actions, which have contradicted its decision in December 2023 to lift the crypto ban. In February, the Central Bank of Nigeria utilized telecommunication providers to block local crypto users’ access to various crypto exchanges’ websites, including Binance and OctaFX.

Moreover, Nigeria’s SEC proposed amending rules governing platforms offering crypto services, suggesting an increase in the registration fee for crypto exchanges from N30 million ($18,620) to N150 million ($93,000).