Abdul Muhammed Law Practice
My name is Abdulateef Muhammed and I am the lead lawyer at Abdul Muhammed Law Practice and I am excited to introduce the Nigerian Cryptocurrency Policy Roundtable, a groundbreaking initiative designed to shape the future of cryptocurrency regulation in Nigeria.
Together we can embark on this transformative journey, and I invite you to join us as a pioneer partner in this in this endeavor.
Objective
The Nigerian Cryptocurrency Policy Roundtable aims to establish a collaborative and ongoing dialogue between key stakeholders in the public and business sectors to address the evolving landscape of cryptocurrency regulation and its impact on the Nigerian economy.
This initiative seeks to foster a comprehensive and adaptive regulatory framework that supports innovation, protects consumers, and ensures the responsible growth of the cryptocurrency industry in Nigeria.
Structure
The roundtable will convene quarterly, bringing together representatives from government agencies, financial institutions, legal experts, technology innovators, cryptocurrency exchanges, and other relevant stakeholders.
Each session will focus on specific aspects of cryptocurrency regulation, with an overarching goal of creating a dynamic and responsive regulatory environment.
The Nigerian Cryptocurrency Policy Roundtable is committed to the following Agenda.
Current Regulatory landscape in Nigeria
The Nigerian Cryptocurrency Policy Roundtable will be a tool to evaluate the effectiveness and challenges of existing regulations, discuss the impact of the Central Bank of Nigeria’s ‘ban’ on commercial banks’ engagement in cryptocurrency transactions and review the Securities and Exchange Commission’s (SEC) regulations and their implications for cryptocurrency service providers.
Global best practices
The Nigerian Cryptocurrency Policy Roundtable will explore international cryptocurrency regulations and identify best practices and will also consider how global standards can be adapted to suit the unique needs and challenges of the Nigerian cryptocurrency market.
Legal clarity and certainty
The Nigerian Cryptocurrency Policy Roundtable will address the lack of specific laws governing cryptocurrencies in Nigeria as well as propose and discuss potential legislative frameworks to provide legal clarity for market participants.
Consumer protection
The Nigerian Cryptocurrency Policy Roundtable aims to develop strategies for educating the public about the risks and benefits of cryptocurrency investments and discuss measures to protect consumers from fraudulent activities and ensure a safe and transparent market.
Licensing and compliance
The Nigerian Cryptocurrency Policy Roundtable will focus on the evaluation of the SEC’s licensing requirements for digital asset exchanges and may propose mechanisms for ensuring compliance while fostering innovation in the industry.
Cross-border transactions and remittances
The Nigerian Cryptocurrency Policy Roundtable will examine the role of cryptocurrencies in facilitating cross-border payments and remittances and also Discuss potential collaborations with international partners to enhance regulatory coherence.
Taxation
The Nigerian Cryptocurrency Policy Roundtable will address the evolving tax landscape for cryptocurrencies by discussing the implications of the proposed Finance Bill on the taxation of digital assets.
Future trends
The Nigerian Cryptocurrency Policy Roundtable will lead the charge to explore emerging trends such as decentralized finance (DeFi), institutional adoption, and other technological advancements and also identify regulatory considerations for these evolving trends.
The Nigerian Cryptocurrency Policy Roundtable will have the following Output
The Nigerian Cryptocurrency Policy Roundtable will produce actionable recommendations, policy proposals, and guidelines based on the discussions and insights gathered during each session. These outputs will be shared with relevant government bodies, regulatory agencies, and industry participants to inform the development of a robust and forward-looking regulatory framework.
Conclusion
The Nigerian Cryptocurrency Policy Roundtable is envisioned as a proactive and collaborative platform, fostering an ongoing dialogue that aligns the interests of the public and business sectors. By addressing the challenges and opportunities in the cryptocurrency space, Nigeria can position itself as a leader in responsible and innovative cryptocurrency regulation, ensuring the long-term success of the industry and the protection of its citizens.
Join the conversation that will shape the future of cryptocurrency regulation in Nigeria!
