Following the ban on Binance and other top cryptocurrency exchanges in Nigeria, a notable group has called for the regulation of crypto in Nigeria. According to a report by local media on Tuesday, the Stakeholders in the Blockchain Technology Association of Nigeria suggested that the Federal Government should regulate virtual assets service providers in the country.
As reported, SiBAN urged the Nigerian government to relax its stern approach to virtual assets. Consequently, the group explained how healthy regulations can protect all market participants and attract investment into the country. Furthermore, the group went on to highlight how a prosperous crypto landscape can help create more employment for youths in the country.
SiBAN in its call underlined how proper regulation will enhance the confidence of every market participant. The group also discussed how good regulation can help fast-track the wide-range adoption of crypto in Nigeria. Also, the group urged the Nigerian government to adopt its virtual assets service providers’ code of conduct.
In addition, SiBAN explained how the code of conduct surfaced in an attempt to foster responsible business practices among virtual assets service providers in Nigeria. The group revealed how firms within the industry have complied with the code of conduct. However, SiBAN stressed the importance of having more compliance to ensure a safe business atmosphere.
The leadership of SiBAN went on to explain how the government can collaborate with the group and adopt its code of conduct to ensure “ethical conduct and professionalism within the Nigerian virtual asset market. Additionally, the group emphasized its commitment to contributing to the growth and effective regulation of crypto in Nigeria.
How Call for Crypto Regulation in Nigeria is Gaining More Momentum
The unexpected ban on crypto in Nigeria has boosted the call for its regulation. Recall that the Nigerian government restricted access to Binance and other cryptocurrency exchanges in a bid to tackle the freefall of the naira. The ban came less than a few months after the Nigerian government relaxed its restrictions on cryptocurrency. Before then, the West African country banned its citizens from using cryptocurrency in February 2021.
However, the country made a u-turn last year before placing another fresh ban on crypto last week. The ban came with a tough clampdown on Binance, resulting in the arrest of its executives. According to reports, the world’s largest cryptocurrency exchange by trading volume is preparing to stop its operations in the country. The emerging drama has led to the call for proper regulation of the crypto market in Nigeria.
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