Nigeria is Getting closer to Cryptocurrency regulation

Do you know that Nigeria is getting closer to crypto regulations with blockchain? The Federal executive council, during its meeting on May 3, 2023, approved the National Blockchain Policy for Nigeria. This followed the presentation of a memo by the Minister of Communications and Digital Economy, Professor Isa Pantami. See more details below.

Nigeria is Getting closer to Cryptocurrency regulation

According to the government, the vision of the policy is to create a blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and the government, thereby enhancing innovation, trust, growth, and prosperity for all.

The implementation of the National Blockchain Policy is expected to have a positive effect on both the public and private sectors of the country.

The VP legal & Chief Data Protection Officer at Yellow Card, lasbery Oludimu, have said that the recently approved blockchain policy by the Nigerian Government will pave the way for the regulation of cryptocurrencies in the country.

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Speaking in a chat with 202info, Oludimu describe the policy as a positive development, adding that beyond cryptocurrency, blockchain technology has immense potential to revolutionize various industries and contribute to economic growth.

According to her, stakeholders who have been clamouring for crypto regulation now have higher hopes that the government will be taking the needed actions for the benefit of the industry and the economy as it implements the blockchain policy.

Lasbery Oludimu also said the implementation of the National Blockchain Policy will lead to the regulation of crytocurrencies in Nigeria. Why regulation is anticipated to bring changes to the current state of the market and the mode of operations of the players, she said crypto exchanges are ready to comply with government regulations.

Oludimu also noted that the policy will create awareness for crypto exchanges like Yellow Card, while noting that her company is well-prepared to adapt to any regulatory changes and requirements, adding that while regulations may introduce additional operational and compliance requirements.