In a significant development for Nigeria’s cryptocurrency scene, a prominent blockchain advocate, Obinna Iwuno, has hailed the recent approval of two digital asset exchanges by the country’s Securities and Exchange Commission (SEC). This move is seen as a crucial step towards rectifying Nigeria’s tarnished image in the crypto world, which has been marred by regulatory challenges and the recent detention of Binance staff.
Iwuno, the president of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), emphasizes that this regulatory clarity is exactly what the Nigerian crypto industry needed. The approvals are expected to not only boost local confidence but also attract international investors eager to engage with Nigeria’s emerging crypto market. This comes at a time when the local currency has suffered due to various pressures, and global exchanges have been wary of operating in Nigeria.
For Nigerian entrepreneurs, the lack of clear regulations has been a significant hurdle. Many have had to operate under foreign jurisdictions to secure funding, leading to a drain of potential value from the country. Iwuno’s optimism about the new approvals highlights the potential for Nigerian startups to thrive now that they can operate under a clear and supportive regulatory framework.
Additionally, Iwuno is calling for a swift and just resolution to the case of Tigran Gambaryan, a Binance employee detained under controversial circumstances. He urges Nigerian officials to adhere to global standards of practice and human rights, suggesting that resolving such issues amicably is vital for maintaining a positive investment climate.
Overall, the approval of these exchanges represents a glimmer of hope for Nigeria’s crypto industry, offering a much-needed boost in credibility and stability. As the country navigates these changes, the new regulatory framework could pave the way for a more robust and attractive environment for both local and foreign investors.
