While the government’s concerns are valid, industry stakeholders agree that a more measured approach could yield better outcomes.
Local crypto stakeholders have voiced strong support for a regulatory framework centered on compliance rather than criminalization for Nigeria’s cryptocurrency industry.
Obinna Iwuno, former president of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has emerged as a key advocate for a more balanced and constructive approach to crypto regulation in the country.
In an interview with Cointelegraph, Iwuno argued that Nigeria’s current regulatory approach, which has led to high-profile legal battles and the detention of cryptocurrency executives, is not only counterproductive but also potentially damaging to the country’s global reputation.
