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The Digital Assets Summit by SIBAN discussed Nigeria’s regulatory stance on blockchain technology. Stakeholders addressed concerns over the Central Bank’s reluctance to adjust crypto policies. National IT Development Agency’s new Blockchain Policy shows government’s progressive stance, focusing on Web3 Education to improve blockchain’s penetration despite language barriers and regulatory uncertainties.

“The article examines the progress of blockchain regulation from two contrasting perspectives: Nigeria, known for its cryptocurrency-awareness, and the US, with its comprehensive regulatory frameworks. The piece discusses the regulatory challenges in Nigeria and the US’s approach in achieving a balance between enforcement and tech evolution.”

“Regulatory actions in Nigeria are shaping the crypto scene, with the Bureau De Change Operators Association calling for a ban on Binance due to its pressure on the local currency. Binance’s huge trading influx poses competitive difficulty for local bodies, raising concerns of threats to liquidity. Despite embracing cryptocurrency, Nigeria remains cautious of crypto platforms operating without necessary authorization.”

“The SEC of Nigeria has warned investors against interacting with crypto exchange, Binance, citing its lack of necessary local operating license. This highlights the regulatory challenges confronting the evolving blockchain sector, which could potentially hinder innovation and growth.”

“Nigeria is struggling to expand the usage of its central bank digital currency, eNaira, amidst a thriving cash-dependent informal economy. Despite its efforts to enhance the currency’s adoption with upgrades like contactless payments, structural and infrastructural challenges hinder widespread adaptation. Future success heavily pivots on strategic adjustments and effective implementation.”

“Nigerian authorities plan to implement a 10% tax on digital assets, including cryptocurrencies, stirring concerns among industry participants. Stakeholders question this premature move while commercial banks are barred from facilitating cryptocurrency transactions, highlighting complexities in the nation’s stance towards digital currencies.”

Nigeria’s 10% capital gains tax on digital asset profits faces hurdles due to the country’s uncertain stance on cryptocurrency. The complex nature of crypto transactions, reliance on self-reporting taxes, and central bank’s restrictions contribute to these challenges. Stakeholders call for friendlier policies to ensure market growth.

Nigeria’s SEC orders Binance to cease operations in the country, declaring them as “illegal” due to lack of registration and regulation. The commission warns investors of crypto-assets’ “extremely risky” nature and threatens further action against similar exchanges operating in Nigeria.

Nigeria’s SEC deems Binance illegal, following a lawsuit by the U.S. SEC. This impacts one of Africa’s most prominent crypto hubs, as the Middle East and North Africa region leads in crypto adoption. New regulations aim to ensure a secure environment for digital asset use amid rapid growth.

The Nigerian SEC ordered an immediate halt of Binance’s Nigerian unit’s operations, citing its unregistered and unregulated status. This action raises questions about further regulatory actions against other crypto-related businesses in Nigeria and highlights the regulatory uncertainty surrounding the country’s crypto industry.

Nigeria’s SEC declared Binance Nigeria Limited as “illegal” and ordered operations to cease. This follows Nigeria passing the Finance Act 2023, imposing a 10% capital gains tax on digital assets. Binance faces ongoing lawsuits, highlighting challenges for crypto exchanges in adapting to changing regulatory landscapes and emphasizing the importance of vigilance and awareness for market stability.

Nigeria’s Finance Act 2023 includes a 10% tax on gains from disposing digital assets like cryptocurrencies, aiming to modernize the fiscal framework and enhance transparency. However, this raises challenges in valuation, tracking transactions, and international complexities, highlighting the need for clear guidelines, education, and support for taxpayers.

The Nigerian government’s recent approval of the National Blockchain Policy has garnered enthusiasm from the local crypto community. The policy aims to facilitate the development of the Nigerian digital economy, impacting areas like governance, policymaking, digital identity management, and e-payments while promoting overall economic growth.

The Nigerian Federal government approved a “national blockchain policy” after consultation with 56 institutions and personalities. This move indicates the institutionalization of blockchain technology in Nigeria. However, the Central Bank’s stance on privately issued digital currencies remains a roadblock, impacting the future of the Nigerian blockchain and cryptocurrency space.

Nigeria’s recent approval of its national blockchain policy has sparked anticipation and skepticism, aiming to institutionalize blockchain technology within the nation’s economy. The policy’s impact on cryptocurrencies and the challenge of establishing effective regulations will determine Nigeria’s future as a digital powerhouse in Africa.

Nigeria recently approved the National Blockchain Policy, aiming to build a blockchain-driven economy enabling secure transactions, data sharing, and value exchange among individuals, businesses, and government. The policy is expected to improve trust and growth, fostering innovation and prosperity for all stakeholders involved.