As Nigerians unite against bad governance, the country’s crypto sector is demanding a piece of the reform pie.
Amid the ongoing #EndBadGovernanceInNigeria protests, members of Nigeria’s cryptocurrency community are advocating for the inclusion of industry-specific demands. They view this movement, which addresses various governance issues, as an opportunity to push for regulatory reforms that could benefit both the industry and the broader economy.
Rume Ophi, former Secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), supports adding crypto-related demands to the protest agenda. Ophi emphasized that citizens’ right to make demands that favor the nation.
“Like friendly crypto regulations so investors can jump on the industry to employ people. I don’t support the destruction of state property, but a demand to draft a friendly regulation by the National Assembly should be part of the demands.”
Conversely, Chimezie Chuta, Chairman of the National Blockchain Policy Steering Committee, argues that the government has already taken significant steps to support the blockchain and crypto industry.
He pointed out that a steering committee is in place to implement policies that address many of the industry’s needs, and a sub-committee is developing a unified regulatory framework for Virtual Asset Service Provider (VASP) operations.
This framework involves the Securities and Exchange Commission (SEC), the National Security Agency (NSA), the Central Bank of Nigeria (CBN), and the National Information Technology Development Agency (NITDA).
Previously, stakeholders in Nigeria’s blockchain and fintech industries have urged the government to introduce supportive regulations to facilitate the national blockchain policy’s adoption and effective implementation. Additionally, the SEC has launched a pre-assessment portal to evaluate and qualify VASPs before issuing licenses.
