The Digital Currency Coalition (DCC), a consortium of crypto asset practitioners, blockchain innovators, and founders, has urged the federal government to come up with a comprehensive policy and regulatory framework for the crypto ecosystem in Nigeria.
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The Coalition explained how crucial it is to address concerns like financial stability, market integrity, and investor protection, among other risks related to crypto assets.
They also highlighted their readiness to collaborate with the government in this regard, explaining that the regulation of the industry would bolster the country’s economy and help the country fight financial crimes in many ways including addressing the issue of money laundering through digital assets.
Collaboration with government
The Coalition showed her willingness to collaborate with the government by highlighting these;
“Importantly, DCC has proactively self-regulated and complies with the Financial Action Task Force (FATF) standards for Anti-Money Laundering, including enforcing the travel rule among its members. We are committed to identifying and implementing effective anti-money laundering and counter-terrorist financing measures that apply to virtual assets and service providers.
“We believe that a well-regulated digital currency space is vital for the economic future of Nigeria and are ready and willing to be part of the journey to regulation, supporting the government under President Tinubu’s leadership.”
The Federal Executive Council under the Muhammadu Buhari administration on May 3rd, 2023 approved the country’s National Blockchain Policy for Nigeria. While this raised the hope that the country was getting closer to crypto regulation, it is yet to be implemented.