- The VP Legal & Chief Data Protection Officer at Yellow Card believes the implementation of the National Blockchain Policy will lead to the regulation of cryptocurrencies in Nigeria.
- Why regulation is anticipated to bring changes to the current state of the market and the mode of operations of the players, she said crypto exchanges are ready to comply with government regulations.
- She said the policy will also help create more awareness about crypto in Nigeria.
The VP Legal & Chief Data Protection Officer at Yellow Card, Lasbery Oludimu, has said that the recently approved blockchain policy by the Federal Government of Nigeria will pave the way for the regulation of cryptocurrencies in the country.
Speaking in a chat with Nairametrics, Oludimu described the policy as a positive development, adding that beyond cryptocurrency, blockchain technology has immense potential to revolutionize various industries and contribute to economic growth.
According to her, stakeholders who have been clamouring for crypto regulation now have higher hopes that the government will be taking the needed actions for the benefit of the industry and the economy as it implements the blockchain policy.
While noting that the government’s approval of the National Blockchain Policy is a positive step towards the development of adequate regulation for cryptocurrencies in Nigeria, Oludimu said:
- “The approval of the policy sets the foundation for initiating conversations and creating a framework for comprehensive regulation. With the government instructing various regulatory bodies to develop their own frameworks, we will closely follow the progress of these conversations and initiatives.
- We look forward to seeing how the collaboration between the agencies unfolds. We expect this policy will also foster the implementation of the Rules on the issuance, offering, and custody of digital assets released by the Securities and Exchange Commission in 2022.”
- “It is a significant step towards establishing a regulatory framework for blockchain technology in the country. The policy’s focus on secure transactions, data sharing, and value exchange aligns with our mission at Yellow Card to provide a safe and reliable platform for digital asset transactions. We are committed to complying with all regulatory requirements and working closely with relevant authorities to ensure the responsible adoption of blockchain technology in Nigeria while providing a seamless platform for our customers to trade and store their digital assets,” she added.
Oludimu also noted that the National Blockchain Policy is beneficial for crypto exchanges like Yellow Card as it contributes to increased awareness and adoption of blockchain and cryptocurrencies. She said regulations on cryptocurrencies will impact the business, as they do for all crypto exchanges.
She said the company is well-prepared to adapt to any regulatory changes and requirements, adding that while regulations may introduce additional operational and compliance requirements, Yellow Card views them as a necessary step toward creating a regulated and sustainable crypto ecosystem.
- “We are committed to responsible and compliant operations in the cryptocurrency space. We believe that regulation should be based on thorough research, education, and collaboration with all stakeholders. We encourage the government to engage in dialogue with industry participants, experts, and the public to ensure that the regulatory measures implemented are comprehensive, balanced, and conducive to fostering innovation while protecting consumers and maintaining financial stability,” she said.
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The Federal Executive Council, during its meeting on May 3, 2023, approved the National Blockchain Policy for Nigeria. This followed the presentation of a memo by the Minister of Communications and Digital Economy, Professor Isa Pantami.
According to the government, the vision of the policy is to create a blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and the government, thereby enhancing innovation, trust, growth, and prosperity for all.
The implementation of the National Blockchain Policy is expected to have a positive effect on both the public and private sectors of the country.