Topic: A move for crypto regulations in Nigeria (Read 219 times)

BINANCE OBTAINS FINANCIAL INTELLIGENCE UNIT APPROVAL FOR INDIA RETURN
Binance was among top cryptocurrency exchange platforms that was banned from operating in India through their website and apps some time in January this year but currently now they have agreed to be regulated by the India Financial Intelligence Unit, this also make me have same thoughts of binance making same step here in Nigeria because despite that we all moved to other exchange platforms after FG ordered them to delist the NGN from their exchange p2p platforms, you can agree with me that none of those other exchanges have been able to offer quality and more transparent services to p2p traders as binance does therefore, binance coming back to reach an understanding with the FG will be a welcome development despite the taxes involved and the regulatory policies. What do you guys think about this?

Binance obtains FIU approval for India return

Well, just like what Biodum said you can't destroy what you do not create which is very correct. I just hope the Government come up with a better decisions about this whole thing because it's no longer funny. I also hope and I wish this will be the first time the youth will ever say something good about Government if their decision will favour us ( the youth).

The FG is not trying to regulate crypto in any means, what they're doing is trying to limite the use of crypto trading by killing the well known P2P marketplace in an attempt to save the Naira( it's more of trying to regulate the Naira using crypto as the victim)

They didn't think what damage the Naira devaluation would cause in this already inflated economy state of the nation. The president took a very drastic action without proper consultation as usual. These men think once they're the president consultation does not matter and even when they do, they only meet the incompetent ones since the government is full of incompetent head of ministries. Only the CBN can get the FG from this mess.

Can I speak my opinion on these disparities in exchange rates that are faced by the government and its people through these platforms? It is because the government in itself have not taken their job serious to look after the affairs of its people thereby giving many opportunities to loopholes found in our weak systems today. This same lack of proactive measures from the side of the government has further weaken our economy and security in Nigeria. There's no sector right now where we do not face something similar to what's happening in the Fintech industry in Nigeria today and the behavior towards such sectors are usually the same.

The reason to all of these conflicts of interests is due to the laxity in the functionality of the system. The system is not designed to be effective enough to put new advancements under control hence the distrust between the government and the technologies. To mention that billions of funds have went through these online crypto exchanges for years without a proper detail or information of those transactions, shows how sluggish the government system in the country is run. At least, this should not happen to big crypto exchange platforms we know.

One thing the Nigerian government fails to understand about cryptocurrency is the fact that they can't Gain absolute regulations on cryptocurrency because it's not directly attached to the economy of the nation neither does it have a capitalization centered around the economic situations of the country, there's no actual individual who can be held as the initiator or even the regulator at any level, the limit to their regulations will border around volume maybe and this can be achieved with the restrictions they have place around but it's still not giving them the regulatory power over cryptocurrency what they should be doing is to check into their monetary policies because these digital asset are somehow influenced by the exchange rate in dollars a d if they can get a regulations that helps them gain strength against the dollar I doubt if cryptocurrency will be their problem some how I see misplacement of priority in all these because chances are they will definitely not achieve the so called regulations they are aiming at, I taught they have better financial experts who would advice them better except they are doing this to probably sabotage the cryptocurrency industry which will still not be achieved in it's entirety due to the decentralized nature of cryptocurrency.

The problem of this country pass crypto and e dey pain me say dem just dey put all their energy inside to dey pursue crypto meanwhile if to say our economy dey alright just like others I no think say crypto go dey affect the country too much maybe dis na format wey dem just wan use disturb the way way some youths dey use make money so dat dem go come back come dey beg dem again and e no make sense because no be diswan go help d economy.

After the Binance reps and Nigeria meeting, I'm wondering how the SEC would induce any reputation exchange representative to meet with them in person in Nigeria. Isn't this similar to how the FG persuaded Binance to hold a roundtable discussion only to have them illegally detained as common criminals? If they had approached the Binance meeting with a common understanding, they would not be chasing after every exchange involving Naira pairs.

If we're being serious, no reasonable cryptocurrency exchange will send or risk sending representatives to Nigeria right now. The new SEC Director may be different, but his actions will speak for themselves. The only way he gets any attention is through a Zoom call or others.

Let the government come as hard as they want, las las, they will regulate it. Let them just do it already and let's breef sef.
Afterall U.S and India like you mentioned including Lugano, England, Brazil, have all settled to regulate and even allow it to be used to pay taxes as well as tax Crypto currency users.
It just pains me that what was once a fully decentralized system, is now being regulated to make it more controlled because of the sake of money launderers, hackers, scammers, who have no chill for someone else's coin.

All your points are valid. Still, I maintain my stance that its a bad idea. I have seen countries that crypto is heavily regulated, exchanges and other service providers don't allow users from such countries to access their products or services. If government steps in and regulate crypto, do you think it's all platforms that would be able to comply with the rules and regulations, barely. See US and India that is heavily regulated; they're excluded from almost all opportunities.

Overall, it goes against every Satoshi did to make Bitcoin but it is what it is. A bad idea but no choice now since government is coming hard.

No doubt about this say security go dey onto say anything wey happen to the exchange wey you coins dey dem go fit find am through the government agencies wey dey run the regulation but even this aspect self fit get kleg as na naija we dey. We dey naija wey be say black thing fit become white and na so play play, your coins still won't be sent back to your wallet even when dem see say na you get am. So this part of security self still get as e be. Also, exchanges go dey operate as banks and get offices around the country wey you go just work in and out, the online taste fit likely comot because regulators go ask dem make dem get physical offices and that also mean say government get direct access to your exchange details anytime dey want just like our bank details.

Then the main disadvantage na say the decentralized nature of cryptocurrency go comot be that. No freedom to hodl a particular coin or a certain amount of btc go begin come in or if you want to buy certain amount of bitcoin then you must have to go do a certain registration for one government office for Abuja or sub offices for Lagos or pH  Omo e no go funny but na so me I see say the environment go turn to and that third party encumbrances like that of bank go enter cryptocurrency.

Just as you said that let await the outcome as the schedule meeting with all the afamation bodies, I can't categorically said that hoping that there will be a renewed hope of anything favourable to the citizens is like expecting a death body to wake from dead bed. No body offer what it can not afford what our government is doing is to see how they will wipe some shame and criticism but as all their promises has failed they are just running zigzag mode if tackling problem that can't offer solution to a problem.

The truth is that what ever may be the out come crypto can't be subdue to the point of going to extinct in our nation crypto has gone beyond some level is limitations.

While we awaits for the SEC meeting, let's just hope that some good news comes around because that was also how they formally met with the binance exchange and charge them too huge fee around $10 billion which the exchange refused to comply with them before they took their nonsensical action of engaging a marketing war with the the binance exchange resulting to the disconnection of naira in the balance p2p.
I'd always say it that I don't trust our Nigeria government as much that leaning on them is like leaning on the air which definitely is a false hope.

Aside greeds and selfish interests I don't think if our government would be taking this Crypto stuffs so serious like that and I can bet that the only resolution towards the government letting above firms being affected with the crypto currency transactions is only when the expected exchanges and the Fintech bank would succumb to abide to the wills of the government such as the Fees and the access to obtain the crypto enthusiasts data's as previously demanded.
With our Nigerian government, nothing goes for nothing.
As much as I know, they're trying to contradict that fact of cryptocurrencies being a decentralized digital currency to be centralized on their course custody my tracking individuals digital worths and the movements of their transactions.
Let's also not be surprised that sooner or later if the so government finally gains this ground they're being curious and desperate about, we as the bitcoin and Crypto enthusiasts would be engaged to paying taxes to the federal government.
This is why I've to say that nothing goes for nothing with whatever our Nigerian governments shows interests about.

From my end I will say that the government doesn't work with crypto exchanges because when crypto awareness didn't go viral like it is now did the Nigerian currency not  experienced devaluation? It did, the government knew the causes of naira depreciation but they don't want to voice it out because it will expose some cabals in government that have been manipulating this naira for so many years now, so it is clear that it is not crypto exchanges that is the cause of the manipulation going on, just some weeks ago ago when the naira depreciated after it was recording some gains initially, the CBN layed the blame on exchanges but it was discovered that it was as result of commercial inter banks operations with the dollar that resulted to the depreciation so it's just obvious they are not happy that Nigerians have proffered ways to move out of poverty they just want to shutdown everywhere that the common man is breathing from so that everything will be under their manipulation.

No one is saying it is completely a good idea but for now we just have to "take the bull by the horn" (do something no matter the challenges that are attached). Or should we keep quiet and watch them dissolving everything that is crypto related? Binance which happens to be the best exchange for p2p is gone and it has caused a lot of damages to Nigerians in the crypto space because most of them tried using other exchanges that were not reliable enough and got scammed of their cryptos, what of OKX, BYBIT, BITGET that they are planning to clampdown as well? You can't fight the government remember so that is why I said we should dance to their tune till it gets to a certain length when they won't have power over cryptocurrencies again then we move out of the "bondage" (regulation).


So do you still think we all enjoying all the privileges and freedom that comes along with crypto? Hell no, there's nothing we can do for now so since we can't fight the government let's join them but not for too long. Independency comes in a day so I believe a day will come when they will no longer be able to control cryptocurrencies, let's just chill for now and act as though we don't know anything.

Bad idea imo. I know how much US participants dread the crypto regulations that they're currently facing. Aside from being forced to pay tax on their crypto gains, US citizens are often excluded from almost anything that has to do with crypto. Even decentralized applications like Uniswap don't allow access to US users. If regulations come to Nigeria, most crypto platforms will choose not to engage Nigerians in their platforms. A typically example is the exclusion of several countries in banned countries list that is usually used for reward programs.

Example:

If the regulations come in, be rest assured that most privileges we currently enjoy will be revoked for sure.

The government is working hand in hand with these crypto exchange and how come the naira continue to depreciate? We have questionable marks to touch because the level of corruption in the country is increasing. We should always do what we think is right and never look forward to events that we're fully aware that it won't happen. Everyone is faulty when it comes to the depreciation of the Nigerian naira currency, weakening the currency against the dollar is entirely coming from the unstable infrastructure and revenue of a country.

Most time I feel tired over the issues of this nation because of the way our leaders have enslaved the citizens anything that will make them move away from the cage is always painful to them and they fight it with tooth and nail to bring it down, I am not saying that crypto exchange should not follow due process as it's necessary to have some legal tender to any nation of operations, but this is very infinitesimal to the nation problem even if the exchange obey there demand it can't solve our problem of insecurities, fuel scarcity, banditry, kidnapping, stay at home and many more that is draining the economy, this are primary thing that can elevate the economy if properly tackled not crypto for me crypto is secondary that it effects to the economy may be infinitesimal.

What concerned crypto to food cost which are cost by insecurities of farmers not farming and oil thief that is reducing the nation GDP, what our leaders is doing is like fighting a battle without identifying the root and the shadows members involved. The worst thing leaving the course of a problem and go after what is not the issue because that will still multiply the problem, now they are fighting oil thief, banditry, kidnapping, etc all of this have yielded no results going after exchange now is like pursuing black goat at night instead of day time crypto space have move beyond some certain threats no matter the source of the threat.

I’m greatly convinced about this opinion honestly speaking, crypto enthusiasts might look weak now cause the government is making everything look difficult and it seems any little move looks like a risky move but are we supposed to watch and wait?, concerning crypto adoption, no one should deceive you cause Nigerians are into cryptocurrency eg trading, holding etc. when all this happened recently with the oppression and everything federal government is doing to stop crypto p2p I got surprised seeing people complaining about federal government being so childish making this decision and move, I now know large numbers of Nigerians are into crypto. What I’m trying to say is despite this situation this is not the right time to keep shut but for me I’m ready to read every little information and ways to overcome all this, I believe this is not the first time Nigerians are being deprived from cryptocurrency trade but still people got ideas and way to overcome so I’m believing same thing will happen but it’ll be difficult as hell. After federal government finish accomplishing their mission we’re ready to watch what’s next and see what’ll be the new development cause same issue happened during the naira and dollars wahala but Nigeria is still battling with every problem no change yet, the moment our government will realize that cryptocurrency is not the problem e go too sure

There are sometimes I blame the cryptocurrency exchange and not the government though government is not trying to. But the cryptocurrency exchange are more to blame because the vendors are not following the normal exchange of dollar rate with the naira if dollar is NGN, 83,000,000 there are some vendors who manipulated the naira from..the normal price to a higher price of NGN129,000,000 which far above the normal exchange prince and before we know others also follow. And that's also one of the cause that the federal government is fighting to reduce all those manipulation. And if they are buying and selling cryptocurrency with the normal and current price of cryptocurrency, I think federal government will not go and after them.

And for those ones that following the normal price for the national exchange rate might not face any clampdown and if it happens, probably the exchange is not paying tax and disobey some other rules in the country but for those who are doing the right thing might not have any issue with federal government.

Nigerian government will never change, always busy chasing shadows. There are more pressing issues in Nigeria like the hike in the price of fuel which is #820 as of today, increase in rate of kidnappings, accidents caused by bad road. Harnessing of the natural resources to prevent those consistently stealing them at the expense of the masses from further actions, but they wouldn't because all these keeps the nation suffering which is an important tool for their acquisition of offices.

Crypto which has come to give the Nigerian hope of survival is their main target from time immemorial, they're just against anything that helps the average Nigerian to  survive in this intentional hardship in the country. I'm not surprised that they term it a threat to national security while its in reality the last hope of the Nigerian man to financial freedom and survival. They're busy chasing shadows as always, there even compelled the fintech banks that makes our trading easier with sanctions to declare non-support for crypto related transactions and threaten to close accounts linked to such.

They're bluffing as always and we'll soon devise more ways to handle our P2P transactions conveniently without trace. Crypto transactions in Nigeria would outlive all these trials and tribulations and emerge victorious. Its only a matter of time. No one can discourage me from holding my BTC and even acquiring more no matter what. There  will be a way to outsmart them and very soon we'll all discover it and be alright. Let's remain optimistic because bitcoin has given us hope and we're not giving up.

The federal government of Nigeria through the just appointed Director General, Securities and Exchange Commission, Dr Emomotimi Agama, will on Monday reach an understanding between crypto related platforms operating in the country on the need for a regulation of their operations within the country.

We all are not happy about how the government have been going about trying to make things difficult for crypto Enthusiasts in the country more especially with the recent developments of clamping down exchanges and even restricting some banking platforms not to allow their customers to make crypto operations on their platforms and they have even placed some prohibition policies already of freezing accounts of defaulters.

But let us also have a closer look of how this whole scenario is going about, normally it is illegal for any platform be it crypto or non crypto related to operate in a country without necessary documentation and authorization with some regulatory policies that will guide their operations so on my own view, regulating crypto activities will even give us more confidence to deal with cryptocurrency without always being afraid of the government decisions all the time.

I know that the aim of creating cryptocurrency more especially Bitcoin is to stand as a decentralized medium of making monetary transactions using digital system that will not employ the service of the government and other third parties but for now, since crypto adoption have not yet been globally accepted, let us dance to the tune of the government till when we have solidly gained ground in the crypto industry.

Your thoughts and opinions are welcome

Source:  Crypto regulation: SEC chief to meet foreign, local crypto exchanges, others Monday