Amidst the ongoing #EndBadGovernanceInNigeria protests, the Nigerian cryptocurrency community is advocating for the inclusion of specific industry demands. The movement, aimed at addressing a wide range of governance issues, presents an opportunity for significant regulatory reforms. Such changes are anticipated to benefit not only the crypto sector but also the broader economic landscape of Nigeria.
Cryptocurrency Industry’s Call for Representation
Rume Ophi, the former Secretary of Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has been vocal about integrating crypto-related demands within the protest agenda. Speaking to Cointelegraph, Ophi emphasized the citizens’ right to advocate for changes that could enhance the nation’s welfare, especially through peaceful protests.
Ophi supports the idea that well-crafted crypto regulations could be a game-changer, potentially attracting investments, creating employment opportunities, and fostering economic growth. He stated, “Friendly crypto regulations would enable investors to confidently enter the industry, which in turn would create jobs. While we do not support the destruction of state property, advocating for the National Assembly to draft friendly regulations should be among the protest demands.”
Existing Government Support for Crypto
Contrarily, Chimezie Chuta, Chairman of the National Blockchain Policy Steering Committee, offers a different perspective. He highlighted the Nigerian government’s efforts in supporting the blockchain and cryptocurrency industry, which, according to him, negate the need for protest in this sector.
Chuta pointed out that the steering committee is actively working towards the successful implementation of blockchain policy, addressing many industry needs. He further elaborated on the formation of a sub-committee dedicated to establishing a unified regulatory framework for Virtual Asset Service Provider (VASP) operations in Nigeria.
This sub-committee comprises representatives from several regulatory bodies, including:
- The Securities and Exchange Commission (SEC)
- The National Security Agency (NSA)
- The Central Bank of Nigeria (CBN)
- The National Information Technology Development Agency (NITDA)
The proactive steps taken by the government include the launch of a pre-assessment portal by the SEC to evaluate and qualify intending VASPs before issuing licenses. This move is seen as part of a broader effort to foster the adoption and effective implementation of national blockchain policy.
Historically, stakeholders from Nigeria’s blockchain and fintech sectors have urged the government to introduce supportive regulations that would pave the way for widespread adoption and seamless integration of blockchain technologies into the national infrastructure.
| Government Initiative | Industry Demand |
|---|---|
| Establishment of a blockchain policy | Drafting of crypto-friendly regulations |
| Formation of a regulatory sub-committee | Inclusion of crypto demands in protests |
| SEC’s pre-assessment portal for VASPs | Transparent and inclusive policy-making |
As the discussions evolve, it is clear that while significant government efforts have been made to support the cryptocurrency sector, voices within the community continue to push for more inclusive and comprehensive regulatory frameworks. The ongoing protests serve as a platform for these demands, emphasizing the need for policies that not only support the industry’s growth but also ensure its integration into the broader economic and governance reforms in Nigeria.
Featured image credit: DALL-E by ChatGPT
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