Osinbajo who called for the regulation of cryptocurrency in Nigeria said Cryptocurrencies in the coming years will challenge traditional banking in ways that cannot be imagined. Nigeria is not even on the map for illicit transactions for cryptocurrency transactions, but you find the likes of the US, Russia, Germany, and Vietnam,” Ihenyen said in an interview. iNews. Yemi Osinbajo, the Vice President of Nigeria has kicked against the prohibition of digital currency in Nigeria. The country is a global leader when it comes to cryptocurrency adoption. According to some Nigerian crypto users, the ban has not brought cryptocurrency prohibition. Noting the increasing use of cryptocurrency in Nigeria, it is imperative that the Central Bank of Nigeria and the Securities and Exchange Commission establish regulations on the use of digital currency and clearly define what cryptocurrency is under the Nigeran financial regime. Nigeria Vice President Yemi Osibanjo, say di Central Bank of Nigeria no need to ban cryptocurrency but instead make dem do "robust regulation." Instead, they prohibited cryptocurrency trading with the banks. By virtue of Section 13 of the Investment and Securities Act, 2007 the SEC, is the apex regulatory organization for the Nigerian capital market, which is empowered to regulate investments and securities business in Nigeria. However, no visible resolution has been made since the committee was inaugurated. As Yemi Osinbajo, Vice President of Nigeria, noted on Friday, the regulation of cryptocurrency transactions puts the country in a better position to reap the benefits of the innovations in the market, and businesses in the market may have laid a foundation that could be built upon should the CBN decide it is ready to walk the regulatory rope. Last year, the Nigerian Securities and Exchange Commission set up a committee to create a framework for the regulation of digital assets and local crypto exchanges in Nigeria. Cryptocurrency in Nigeria. Just to inform you, Cryptocurrency has grown popular in Nigeria from last few years. Nigeria has issues guidelines for the regulation of bitcoin and other crypto assets. Resolution Law Firm. The Central Bank of Nigeria, CBN, have been advised that the better approach to deriving the benefits the cryptocurrency market in Nigeria offers is to regulate not a ban. Bitcoin. Cryptocurrency in Nigeria Just recently, the Vice President of Nigeria, Yemi Osinbajo became the most important voice in the government on the side of the crypto market. As a lawyer, my interest in new products and services remains constant. Regulation Of Cryptocurrency In Nigeria. ... has advised the Central Bank of Nigeria (CBN) and the Security and Exchange Commission (SEC) to regulate cryptocurrency in Nigeria rather than prohibit its use. After the Central Bank of Nigeria’s decision, some players in the Nigerian crypto industry are adamant that the regulation will now boost P2P trading options. Nigeria is an interesting African country when it comes to cryptocurrency. Vice President Yemi Osinbajo says there is need to develop a robust regulatory regime that is thoughtful and knowledge-based for cryptocurrency. Regulation Of Cryptocurrency In Nigeria. "Nigerian SEC and Cryptocurrency" regulation - See six ways Nigeria go control crypto-token or crypto-coin investments 16 September 2020 Wia dis foto come from, Chesnot To enter a discussion on the value of cryptocurrency, it is important to learn about related things like blockchain, smart contracts and ICOs. Di president say im … Cryptocurrency: There is a place for regulation, not prohibition – Osinbajo. Resolution Law Firm. By virtue of Section 13 of the Investment and Securities Act, 2007 the SEC, is the apex regulatory organization for the Nigerian capital market, which is empowered to regulate investments and securities business in Nigeria. Again, in March 2018, the CBN reiterated its stance on cryptocurrency warning traders that digital assets are a mere gamble. Nigeria, like most African countries, is still in the process of adopting a legal framework or regulation for cryptocurrencies or cryptocurrency exchanges; however, there is considerable interest in developing one soon. The currency of choice for drug dealers, terrorists, investors, spaceship enthusiasts — and ordinary people, including many of us who just want to get paid for an honest day’s work. The CBN’s decision will have a number of repercussions on cryptocurrency trading in Nigeria and the economy as a whole, some of these issues are discussed below. Take Nigeria, for example. Nigeria is turning into a den of cryptocurrency scams as more and more fraudsters are targeting locals to pull off scams, according to a study by Israeli blockchain analytics firm, Whitestream.. Crypto media Coindesk reported that the blockchain analytics firm uncovered four recent cryptocurrency scams which originated from the Nigerian capital Lagos. Along with South Africa, Nigeria residents made bitcoin-related searches on Google more than any other country in … Cryptocurrency Regulation: SEC Nigeria Joins the Trail to Set Standards for Crypto Activities September 16, 2020 Off By Ayobami Abiola The Nigerian Securities and Exchange Commission (SEC) on Monday, 14th September made a statement on its stand as it starts regulating crypto-assets offering, trading, advisory, etc. In the month of December in 2020, the Nigeria Cryptocurrency Regulation | Nigeria Cryptocurrency Exchange. The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have agreed to collaborate and conduct research with a view to finding ways of regulating the Cryptocurrency market. One factor for its popularity is the CBN’s rigorous rules around FX fees. The Senate of Nigeria has summoned the CBN governor to explain the decision to ban cryptocurrency. Nigeria’s blockchain community and cryptocurrency exchanges could get a clear stance on the classification of cryptocurrencies from the country’s Securities and Exchange Commission (SEC) before the end of the year. Nigeria may ease ban on Bitcoin following calls for regulation. Cryptocurrency has revolutionised the global monetary system and slowly evolved into a viable legal tender. Cryptocurrency: There is a place for regulation, not prohibition – Osinbajo. High bitcoin and crypto ownership rates, rapidly … The Nigeria Securities and Exchange Commission (SEC) has released a proposed cryptocurrency regulation guideline while classifying crypto assets as securities.Crypto Regulations UnderwayAccording to an official release on Monday (September 14, 2020), the Nigeria SEC announced that the commission is looking at a three-pronged approach towards regulating the crypto industry. The general objective of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices that ultimately make for a fair and efficient market. Osinbajo calls for cryptocurrency regulation Vice President Yemi Osinbajo virtually delivered the keynote remarks at the CBN/ Bankers Committee's Initiative for Economic Growth, at the State House, Abuja. Chris Ani, founder of Cryptohub — a cryptocurrency trading education platform — believes that cryptocurrency exchanges in Nigeria can be regulated but that a regulatory approach may hurt the sector as the Nigerian cryptocurrency space is not yet mature for regulation. Legal framework for cryptocurrency regulation in Nigeria Resolution Law Firm Nigeria November 2 2020 By virtue of Section 13 of the Investment … A Framework for Cryptocurrency Regulation Is Coming According to a report by Pulse, the regulatory institution is set to implement the roadmap for the fintech […]
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