The Nigerian Blockchain Advocacy Group says Krypto is legitimate - regulation regulation demands regulation
The Nigerian Blockchain Advocacy Group says Krypto is legitimate - regulation regulation demands regulation
The Nigerian blockchain interest representation, the stakeholder in Blockchain Technology Association of Nigeria (Siban), has stated that crypto is legitimate and must be regulated. The group adds that such regulation promote innovations on the one hand, but on the other hand should deter bad actors.
equal access to banking and financial services
The Nigerian blockchain interest representation, the stakeholder in Blockchain Technology Association of Nigeria (Siban), asked the central bank of Nigeria (CBN) to rethink its decision to block crypto entities from the bank ecosystem. The group insists that "crypto is legitimate" and then started a Twitter campaign to regulate cryptocurrencies.
in his explanation published exactly one year after the cbn Directive Entry-emerging Barries and ministries to contribute to the fact that cryptocurrencies become a recognized and regulated asset class. The explanation also discusses the potential advantages of regulating cryptocurrencies.
"Today we support equal access to banking and financial services through virtual asset service providers (vasps) in accordance with the Nigerian constitution, the applicable laws and in particular the Nigerian laws to combat money laundering and terrorist financing (AML/CFT). support the Nigerian police and the Commission for Economic and Financial Crime (EFCC), ”said Siban.
joint regulation of crypto-assets
In a step that may not like the CBN, however, the interest group suggests that the Nigerian stock exchange supervisory authority (SEC) and other relevant supervisory authorities must be included in all tests, cryptocurrencies in accordance with "their legal obligations in accordance with the laws of the Federal Republic of Nigeria."
Before February 5, 2021, both the SEC and the central bank seemed to supervise the crypto industry, with the former a circular The crypto assets values already described as securities in September 2020. After the Central Bank's step, however, the Sec said that it was exposed to its circular and was there conversations with the CBN.
The explanation meanwhile explains what Siban imagines from a regulated cryptocurrency industry. It explains:
regulatory authorities should pursue a regulatory approach that promotes innovations and at the same time deteriorate bad actors, not all actors. Although you are concerned about the risks often associated with crypto, the role of regulation is not to make risks disappear, but to manage them in accordance with global best practice and in cooperation with all affected interest groups, including industry.
The explanation added that Siban also "takes care of consumer protection, investment security and a safe and solid financial system". However, the group, which has voluntarily agreed to help, insists that "no regulatory authority in the world can do this alone".
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