Nigeria’s Crypto-Friendly Regulator Takes Charge

Stakeholders in Nigeria’s blockchain community are optimistic about the appointment of Emomotimi Agama as the Director-General of the Securities and Exchange Commission (SEC). Agama, who previously served as the managing director of the Nigerian Capital Market Institute (NCMI), is known for his support of cryptocurrencies, which is seen as a positive development for the local crypto industry. President Bola Ahmed Tinubu appointed Agama to regulate the capital market, boost investor confidence, and foster economic growth.

In interviews conducted by , crypto stakeholders in Nigeria shared their thoughts on Agama’s appointment. Nathaniel Luz, CEO of Flincap, an over-the-counter crypto exchange, expressed excitement about the new Director-General, believing that his favorable views on crypto will bring beneficial changes to the sector. Luz hopes that Agama will collaborate with startups to streamline the licensing process for crypto platforms in Nigeria. The government has been granting licenses for crypto organizations this year, and Luz believes that helping startups obtain these licenses will ensure compliance and operational stability for exchanges in the country.

Lucky Uwakwe, chair of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) and founder of SaBi Exchange, also praised Agama’s appointment. Uwakwe believes that Agama’s wealth of experience in blockchain and the capital market makes him a wise choice for the role. Stakeholders are urging Agama to clearly state that cryptocurrency is not prohibited in Nigeria. With recent uncertainties surrounding crypto regulations in the country, stakeholders are seeking a definitive declaration from the leadership to confirm the legality of crypto activities. They want to demonstrate to the world that Nigeria is open for crypto business, despite previous issues faced by exchanges in the country.

Earlier this year, the Nigerian government used telecommunication providers to block access to the websites of several crypto exchanges, including Binance and OctaFX. The government accused Binance of illegally moving $26 billion out of the country and invited the company to discuss the issue. As a result, two Binance staff members were detained and charged with money laundering after meeting with Nigerian officials. One of the staff members managed to escape custody and was later found in Kenya, where he may face extradition.

The appointment of Emomotimi Agama as the new Director-General of SEC has raised hopes among Nigeria’s blockchain stakeholders. They see Agama’s pro-crypto background as a positive factor for the local crypto industry. In response to this appointment, Nathaniel Luz, CEO of Flincap, expressed excitement and anticipation for positive changes in the crypto sector. He hopes that Agama will work together with startups to simplify the licensing process for crypto platforms. This will ensure compliance and stability for exchanges operating in Nigeria. Similarly, Lucky Uwakwe, chair of BICCoN, praised Agama’s experience in blockchain and the capital market, considering it a wise decision. Stakeholders are urging Agama to clarify the legality of cryptocurrency in Nigeria, given recent uncertainties and regulatory actions taken against crypto exchanges in the country. The appointment of Agama is seen as an opportunity to demonstrate the benefits of the crypto industry and prove Nigeria’s openness for crypto business.