(SINL NIGERIA) The Senate Committee on Capital Market on Wednesday assured that the upper legislative chamber will do everything possible to promote Blockchain Technology in Nigeria.
Specifically, the Senate Committee has expressed preparedness to work with the Stakeholders in Blockchain Association of Nigeria (SIBAN) to develop a comprehensive legal framework for cryptocurrency exchanges.
The committee emphasized that it will legislate a bill on Blockhain technology to regulate the policy.
Chairman Senate committee on Capital market, Senator Osita Izunaso ( Imo West) made the disclosure at an interactive session with Stakeholders in Blockchain Association of Nigeria (SiBAN) in Abuja.
He stated that there was a need for strategic framework and workshop to gather all stakeholders to brainstorm on the way forward.
According to Izunaso, “This engagement is an opportunity for joint efforts to shape the future of Nigeria’s capital markets.
“We appreciate your dedication to fostering a well-regulated and forward-thinking ecosystem”.
Senator Izunaso acknowledged the timing of the session, pointing out that the capital market is absolutely key to attaining the Renewed Hope Agenda of President Bola Tinubu.
Also speaking, Senator Victor Umeh observed that “Blockchain is advanced data based sharing, hence you have to be properly situated.
He urged SiBAN to go and study protecting law.
“We want you to be properly identified, licenced and operate, there is need to guide Nigerians on what you do and engage your services.
“You need a regulatory agency for proper footing, so that Nigerians can patronize you”.
Meanwhile, the President of SiBAN, Obinna Iwuno, said the group was looking at how to expand in Nigeria.
He acknowledged the Securities and Exchange Commission’s (SEC) supportive role.
“We are looking at how Blockchain can aid Nigeria capital market, how it can contribute to our economy”.
He explained that SiBAN was seeking for interaction with Senate committee on capital market, adding that Blockchain is most secured.
Obinna said “We are clamouring for regulation”.
Continuing, the president of SiBAN revealed Nigeria’s global standing in cryptocurrency adoption, saying the country rank second worldwide and first in Africa, justifying a compelling reason for establishing a clear regulatory structure for blockchain and digital assets.
Additionally, Obinna stated that SIBAN currently operates as a self-regulatory body, pointing out that it collaborates with the Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU).
