A group of Nigerian digital asset professionals took to the stage at the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023 in Abuja, to discuss the future of digital asset regulation in Nigeria.
In the panel titled The Future of Digital Assets: Regulatory Uncertainty and the Way Forward, the group discussed why implementing digital assets regulation and blockchain policy has been slow in Nigeria.
The developmental regulation created by NITDA is a big step toward understanding and creating a favorable environment for the blockchain and crypto industry, according to Adedeji Owonibi, chief executive officer (CEO) of Convexity. Mr Owonibi stated that this step was what the Central Bank of Nigeria (CBN) should have taken back in 2021 instead of cutting ties between cryptocurrency exchange firms and local banks.
Acknowledging NITDA’s strides in crafting a blockchain policy, Preye Itonyo, Deputy Director of the Digital Economy Development Department, highlighted the regulatory hurdle posed by the decentralized nature of blockchain, resulting in a lack of understanding of blockchain and cryptocurrency concepts in Nigeria. He pointed out that this lack of understanding fueled the 2021 crypto-traditional finance ban.
In a recent global survey, Africa’s largest economy, Nigeria, was found to be the most cryptocurrency-aware population in the world and 90% of…