The landscape of cryptocurrency in Nigeria is a dynamic and evolving space, marked by the interplay of creativities, innovations, regulation, and community governance. At the forefront of this landscape are two pivotal organizations: the Blockchain Industry Coordinating Committee of Nigeria (BICCON) and the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).
The recent developments within SiBAN have highlighted the challenges of self-governance in a rapidly growing industry. The expulsion of its president, Obinna Iwuno, following allegations of misconduct, underscores the importance of adherence to governance standards and ethical practices. BICCON’s support for SiBAN’s decision reflects a commitment to maintaining trust and accountability within the community.
BICCON, established in January 2021, serves as an umbrella body for major blockchain groups in Nigeria, including the Blockchain Nigeria User Group (BNUG), Cryptography Development Initiative of Nigeria (CDIN), and SiBAN itself. This inter-community working group aims to foster collaboration and coordination among the various stakeholders within the Nigerian blockchain ecosystem.
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SiBAN, founded in 2018, positions itself as a self-regulatory body for the blockchain and digital assets industry in Nigeria. It seeks to create a conducive environment for all players in the blockchain space, advocating for a regulatory framework that supports innovation while ensuring consumer protection and industry integrity.
According to Media Chat with Kue Barinor Paul, Esq Public Relations Officer of the Blockchain Industry Coordinating Committee of Nigeria, BICCoN strongly opposes the unauthorized incorporation of “The Registered Trustees of SiBAN” by Mr. Obinna Iwuno and accomplices. We’re calling on all blockchain/cryptocurrency community members, government agencies, and partners to stand with the authentic SiBAN platform during this challenging time. BICCoN remains dedicated to fostering trust, innovation, and responsible growth in Nigeria’s blockchain sector.
In bridge to foster Blockchain multidisciplinary approach to technological innovations and learning, the Blockchain Nigeria User Group (BNUG) Chaired by Chimezie Chuta is organizing a Decentralized Intelligence Conference V2 in Lagos, Nigeria in October 2024 where participants will learn how Blockchain, Web3, Crypto and the Intersection of Artificial intelligence is revolutionizing the Fintech sector.
Moreover, the recognition of cryptocurrency by the Securities and Exchange Commission (SEC) of Nigeria marks a significant milestone. The approvals-in-principle granted to six operators in the digital assets and digital investments sector signal a progressive shift towards regulatory clarity. This move by the SEC is applauded by both BICCON and SiBAN, as it promises to foster a more regulated and secure environment for cryptocurrency operations in Nigeria.
The collaborative efforts of BICCON and SiBAN, along with the SEC’s regulatory advancements, are indicative of Nigeria’s potential to become a leading hub for blockchain technology and digital assets. As the industry continues to mature, the focus on ethical governance, regulatory compliance, and community engagement will be crucial for sustaining growth and innovation in the Nigerian crypto space.
The unfolding narrative of crypto administration in Nigeria is one to watch, as it will undoubtedly influence the broader African continent’s approach to embracing digital currencies and blockchain technology. With organizations like BICCON and SiBAN at the helm, the future of cryptocurrency in Nigeria looks promising, balancing the scales of innovation and regulation for the betterment of the industry and its stakeholders.
