SEC new Director General to convene meeting with crypto exchanges amid regulatory uncertainty
The recently appointed Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama is set to engage with both local and international crypto exchanges in a crucial meeting scheduled for Monday.
Organized by the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the gathering aims to foster consensus on the regulatory status of cryptocurrencies in the country.
The meeting, as disclosed by BICCoN Chair Lucky Uwakwe in an interview with Cointelegraph on Thursday, underscores a concerted effort to address pertinent issues surrounding crypto regulations and devise a constructive path forward.
Open to digital asset exchange operators, wallet providers, and other virtual asset service providers (VASPs), the dialogue seeks to facilitate collaborative efforts in navigating regulatory challenges.
Uwakwe emphasized that the virtual convening at the invitation of SEC’s Agama, signals a proactive approach to engaging key stakeholders within the blockchain and cryptocurrency ecosystem.
The participation of prominent industry associations, including the Blockchain Nigeria User Group (BNUG) and the Cryptographic Development Initiative in Nigeria (CDIN), underscores the broad-based collaborative effort to shape regulatory frameworks.
Amid regulatory uncertainties and recent developments contradicting previous policy shifts, Nigeria’s crypto landscape faces notable challenges.
The country’s Central Bank, in February, leveraged telecommunication providers to restrict local access to crypto exchange websites, marking a setback in the regulatory environment.
Moreover, proposed amendments by Nigeria’s SEC, including a significant registration fee hike for crypto exchanges, further compound the regulatory landscape’s complexity.
Against this backdrop, the upcoming meeting holds significant importance in fostering dialogue and consensus-building among stakeholders. Uwakwe expressed optimism that the collaborative effort would foster an enabling environment for innovation and growth within Nigeria’s blockchain and cryptocurrency sector.
As Nigeria navigates evolving regulatory dynamics, the outcomes of Monday’s meeting are poised to shape the trajectory of crypto regulations, both domestically and internationally.
With stakeholders’ insights and collective engagement, the aim is to establish a regulatory framework that balances innovation with investor protection, setting the stage for sustainable growth in the crypto ecosystem.
