According to SiBAN President Obinna Iwuno, Nigeria leads cryptocurrency regulation in Africa. This happened after the Nigerian SEC legalised Quidax and Busha crypto exchanges.
Iwuno shared his thoughts on this development during a conversation with a media report, highlighting that the SEC’s actions not only enhance Nigeria’s reputation but also pave the way for more comprehensive regulations that the crypto industry has been looking forward to.
He said that by giving out crypto exchange licenses, Nigeria has set a good model for the rest of Africa, where over 60% of crypto usage and trade volume is currently happening.
Read also: Nigeria’s SEC grants approval-in-principle to crypto companies, Quidax and Busha
Crypto traders vs. regulations in Nigeria
According to Iwuno, the cryptocurrency industry has faced significant problems for years, such as the Central Bank of Nigeria’s (CBN) 2021 ban on crypto transactions, the arrest of crypto traders that followed, and the current debate involving Binance officials.
These incidents have tarnished Nigeria’s image in the crypto ecosystem, discouraging investments and cooperation.
He claimed these occurrences have tarnished Nigeria’s image in the crypto industry, making investments and collaborations unlikely.
Iwuno stated that regulatory uncertainty has deterred many overseas corporations from entering the Nigerian market. He added that many prospective parties have shunned Nigeria because of its regulatory uncertainties.
He said they stopped doing things in Nigeria that would have helped people, created jobs, and brought in money for the government. He believes SEC crypto exchange licensure is necessary to reverse this tendency.
He added that the new licenses boost Nigeria’s crypto investment and innovation standing. He believes the new licenses boost Nigeria’s crypto investment and innovative leadership.
“So this step taken by the SEC is very important. The whole world should know that Nigeria has again set the pace and taken its rightful position as the African leader by issuing operating licenses, which is also a green light for regulations,” Iwuno stated.
Read also: Binance Executive trial: Court summons Nigeria’s Central Bank
A call for transparency in Nigeria’s crypto industry
Nigeria’s crypto industry is booming yet faces significant challenges, particularly in transparency. As more Nigerians engage in cryptocurrency trading, the need for transparent, regulated practices becomes crucial.
A call for transparency echoes across the industry, urging exchanges and related businesses to adopt transparent operations to foster trust and protect investors.
While celebrating the SEC’s progress, Iwuno urged the Nigerian government to resolve the ongoing issues with Binance officials, emphasising the need for due process and adherence to global standards.
By promoting openness and accountability, Nigeria’s crypto industry can gain more legitimacy, attract global investors, and safeguard the interests of its rapidly growing user base.
With this win, the government must swiftly resolve the Binance official’s issue while upholding the law and protecting human rights.
