With the growth in the number of blockchain-based projects in African countries, especially in Nigeria, we can affirm that Blockchain and Cryptocurrency are getting the right attention. However, as there is growth in the number of Blockchain-based projects coming out from African countries, there is also an increase in regulatory activities in the area.

Nigeria as a case study has seen several regulatory measures put in place by the government aimed at cryptocurrency and its usage within the country.

With the presence of Blockchain-based projects operating within the country and offering one service or the other within the country, there is a need for these projects to be conscious of their activities so as not to bring regulatory penalties to themselves.

This is not just for Nigeria's Blockchain-based projects but also for projects operating in countries where there is a regulatory framework. It is thus ideal that projects hire the activity of a Blockchain-based legal advisor who will help direct their activities. It has to be a legal advisor grounded in Blockchain and the legal structure of the country.

Hiring a legal advisor can indeed be financially challenging, especially for startups that may not have enough funds to finance the service of a legal advisor, but the fact is, they don't necessarily need to have the legal advisor in a salary position. It should be more of a one-time transaction mode, that is, meeting the lawyer whenever they have any activity they would want to do within the country that may have regulatory implications.

The role of a legal advisor cannot be neglected;

A legal advisor brings expertise in deciphering and understanding the intricate details of regulatory frameworks. This knowledge is invaluable for ensuring that projects adhere to the local laws, avoiding potential legal pitfalls that could hinder progress.

Again, Regulatory compliance is not only about adhering to laws but also about mitigating risks. Legal advisors assess the regulatory landscape, identify potential risks, and develop strategies to minimize exposure. This proactive approach helps projects anticipate challenges and adopt preemptive measures.

The relevance of having a legal advisor for projects operating within a regulated environment cannot be overstated. Their multifaceted role, from ensuring compliance to mitigating risks and facilitating smooth operations, contributes significantly to project success.