The Nigerian legislature urged to consider regulating the crypto industry after he had suggested that they had ponzi operators detained-Emerging Markets
The Nigerian legislature urged to consider regulating the crypto industry after he had suggested that they had ponzi operators detained-Emerging Markets
The chairman of the Nigerian Blockchain Association, Senator Ihenyen, has asked the state's legislators-which are currently urged to revise the securities law-to consider laws to regulate the crypto industry.
The proposed law does not explicitly mention cryptocurrencies
During the Nigerian legislator, debating a bill that proposes a ten-year prison sentence for operators of Ponzi systems, Senator Ihenyen, the leader of a Nigerian blockchain lobby group, asked the state's legislators to consider the development of a law on regulating the cryptocurrency industry. He argued that an "unregulated cryptor room is not in the best interest of anyone".
ihenyen, who guides the stakeholder in Blockchain Technology Association of Nigeria (SIBAN), admits that the proposed law does not expressly mention or refers to it, but is one of what the legislator calls "forbidden systems"
The comments of the Siban's chairman report report that the Nigerian legislature had passed a law to the end of the state for a second reading. Ibrahim Babangida, one of the legislators who campaigns for a change in the law, quotes in a report by Premium Times, which explains why this has to be changed. He said:
The draft law prohibits ponzi/pyramid systems and other illegal investment systems and prescribes a prison sentence of no less than 10 years for sponsors of such systems.
In addition to the demand for a prison sentence, the legislator also wants the new law of the Nigerian stock exchange supervisory authority to grant the authority to close ponzi systems. The legislature also insists that the current law is not compatible with the current trends in capital market regulation, which is why the law has to be revised.
Most alleged crypto ponzis have nothing to do with cryptocurrencies
In the meantime, Ihenyen told Bitcoin.com News that although so-called crypto ponzi schemes dominated the headlines, it later turned out that some of these investments had nothing to do with cryptocurrencies. He said:
The tricky part in most so-called crypto ponzi schemes is-whereupon I have to point out-that many of these so-called "crypto ponzis" have nothing to do with crypto, except that crypto was used to collect the unsuspecting participants. Gelder, as well as these bad actors could have used fiat currencies.
In cases that are actually crypto, if such a crypto is not fraud or fraud, Coin, then "you will find that it is often not the crypto that has failed". Rather, it is the promoters or marketers who finally misappropriate the funds of the participants or simply disappear, which causes the investment, said Ihenyen.
Finally, the Siban President said: "As long as it is [Proposed Law] investors and consumers, it is to be welcomed."
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