Nigerian Blockchain Advocacy Group Calls for Industry Regulation

Stakeholders at Nigerian blockchain advocacy group the Blockchain Technology Association of Nigeria (SIBAN) say crypto is legal and must be regulated. The group added that any such regulation should encourage innovation on the one hand, but deter bad actors on the other. In a statement issued a year after the CBN directive came into effect, the advocacy group called on agencies and government departments to play a role in ensuring that cryptocurrencies become a recognized and regulated asset class. The statement also discussed the potential benefits of regulating cryptocurrencies.