A roundtable discussion aimed at aligning Nigeria's cryptocurrency regulations is scheduled for May 6th between the new director general of the country's Securities and Exchange Commission (SEC) and representatives from major crypto exchanges operating locally and internationally.

The meeting was convened by the Blockchain Industry Coordinating Committee of Nigeria (BICCON) at the invitation of the newly-appointed SEC Director General Emomotimi Agama. According to BICCON chair Lucky Uwakwe, the virtual session is open to all digital asset exchanges, wallet providers, and other crypto service firms to engage with the regulator.

Agama, who has extensive experience in blockchain and capital markets, is seeking collaborative dialogue with industry stakeholders to address regulatory challenges and opportunities in Nigeria's crypto space.

Charting a Way Forward Several prominent crypto associations will be presenting their perspectives at the roundtable, including the Blockchain Nigeria User Group, Cryptographic Development Initiative in Nigeria, Digital Currency Consortium, and the Stakeholders in Blockchain Technology Association.

Uwakwe expressed optimism that the discussions could help spark positive regulatory changes benefiting all crypto entities operating in Nigeria as well as internationally. "Everyone's presence and insights are invaluable as we collectively navigate the regulatory terrain," he stated.

The meeting comes amid a shifting regulatory landscape in Nigeria around cryptocurrencies. In December 2023, the country lifted a prior ban on crypto activities only to later restrict access to some foreign exchange websites and propose hefty new licensing fees for crypto platforms.

Critical Juncture Nigeria's approach to regulating its growing crypto industry has been viewed as inconsistent and overly restrictive by some industry observers. The SEC previously suggested hiking registration fees for crypto exchanges from $18,600 to $93,000 while also mandating $310,000 in paid-up capital.

Critics argued these steep proposed requirements would primarily favor foreign firms over local startups. With Agama now leading the SEC, there are hopes that more balanced regulations can be established through pragmatic dialogue.

The roundtable represents a critical opportunity for Nigeria's public and private sector crypto stakeholders to get on the same page around policies that can protect investors while still promoting innovation. Reaching consensus could help unlock Nigeria's massive potential as a regional crypto hub.