A Senior Advocate of Nigeria, Mr. Seni Adio, has debunked the notion that cryptocurrency and blockchain are illegal in Nigeria – as no extant laws make it so.
Adio, SAN, who is the Managing Partner of Copley Partners, made this assertion at the Legal Business Conference held recently at the Civic Centre in Lagos, as part of the 2nd plenary session titled: ‘Regulation and Public Policy in Blockchain and Tech Innovations: Finding a Balance.’
He went on to urge that there should be ‘smart regulation’ of the blockchain industry, stressing the need for regulators to be open and work hand in hand with fellow regulators.
Also speaking, another panelist, Dr. Emomotimi Agama, who is the Managing Director of the Nigerian Capital Market Institute, said there are rules guiding the capital market, which encompass the digital economy as well. These rules, Agama said, are robust and dynamic, and set up in such a way that they protect the rights of investors. He added that regulations are made in the best interest of the people, and advised that lawyers should correctly interpret these laws for industry players and regulators to act upon in an effective manner.
A third panelist, Chiagozie Iwu, Founder of Naijacrypto and CI Crypto Solutions said that the e-naira was not different from what currently obtains in the banking sector, noting that it should be strengthened to meet the standards in the market.
In his contribution, Mr. Adedeji Owonibi, Senior Partner, A&D Forensics, called for a balance in regulation and public policy on tech innovations and blockchain, as well as periodic sensitization on new technologies.
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