As the #EndBadGovernanceInNigeria protests continue, members of Nigeria’s cryptocurrency community are advocating for the inclusion of industry-specific demands. This movement, primarily aimed at addressing various governance issues, is seen by many in the crypto sector as a potential catalyst for regulatory reforms that could benefit both the industry and the broader economy.
Calls for Crypto Regulation Reforms
Rume Ophi, former Secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has voiced strong support for integrating crypto-related demands into the protest agenda. Ophi emphasized that it is the citizens’ right to make demands that favor the nation, including peaceful protests. He argued that favorable crypto regulations could attract significant investments, create jobs, and spur economic growth. Ophi suggested that one of the demands should include drafting a friendly regulatory framework by the National Assembly.
Divergent Views Within the Community
Not all voices within the Nigerian crypto community share the same perspective. Chimezie Chuta, Chairman of the National Blockchain Policy Steering Committee, offered a contrasting view. He noted that the government has already made considerable efforts to support the blockchain and crypto industry in Nigeria. Chuta pointed out that a steering committee, including representatives from key regulatory bodies like the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), is working on implementing a comprehensive national blockchain policy. He argued that the crypto industry does not need to protest against the existing policy framework.
Ongoing Efforts and Future Prospects
The ongoing efforts to create a unified regulatory framework for Virtual Asset Service Providers (VASPs) in Nigeria are part of the broader initiative to clarify and regulate the crypto industry. The SEC has also launched a pre-assessment portal to evaluate and qualify VASPs before issuing licenses, indicating a move towards a more structured regulatory environment.
Stakeholders in Nigeria’s blockchain and fintech industries have consistently urged the government to introduce supportive regulations to facilitate the widespread adoption and effective implementation of the national blockchain policy. Whether crypto-specific demands will be integrated into the broader movement’s objectives remains to be seen, as the community continues to navigate the evolving regulatory landscape.
