Kenne Michael 
At the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) Digital Assets Summit 2023 in Abuja, Nigeria’s digital asset professionals engaged in discussions on regulation.
The panel, titled “The Future of Digital Assets: Regulatory Uncertainty and the Way Forward,” delved into the reasons behind Nigeria’s reluctance to establish and enact blockchain-related laws.
Convexity CEO Adedeji Owonibi emphasized the significance of the NITDA developmental rule as a substantial stride toward comprehending and fostering a conducive environment for the blockchain and cryptocurrency industry.
Mr. Owonibi argued that the Central Bank of Nigeria (CBN) should have undertaken this endeavor in 2021 rather than severing ties with cryptocurrency exchange firms.
Preye Itonyo, Deputy Director of the Digital Economy Development Department, acknowledged NITDA’s progress in crafting a blockchain policy.
However, he pointed out that the decentralized nature of blockchain presents regulatory challenges, resulting in a limited understanding of blockchain and cryptocurrency in Nigeria.
This lack of awareness, he contended, contributed to the crypto-traditional financial ban in 2021.
In a recent global survey, Nigeria, the largest economy in Africa, emerged as the most cryptocurrency-aware population, with 90% of respondents expressing interest in cryptocurrency investments in the upcoming year.
Nevertheless, industry regulation is deemed essential to ensure security and scalability.
Itonyo stressed that Nigeria’s blockchain policy represents the initial step in safeguarding cryptocurrency investors.
He revealed that NITDA has established a steering committee to execute the national blockchain policy, with participation from both the CBN and NCC.