I guess every regime have their own method and approach to things and this time the Nigeria government have taken what we call sticks and carrot 🥕 approach towards cryptocurrency adoption in Nigeria, and this approach have made the government to lose alot of revenue from citizens participation in the cryptocurrency Industry.
I guess their could have registered and be the first country in Africa to registered digital currency exchange, like Binance, now look at how Binance escape with everything due to bad approach, they could have not arrested the two Binance executives, what the government could have done is to collaborate with the exchange that way their can monitor citizens activities on Binance, to track the so called bad actor's in the cryptocurrency space.
Topic: SEC changes direction, ask crypto firms to re-register under the new regime - page 2. (Read 300 times)
June 27, 2024, 03:04:50 PM
June 27, 2024, 02:19:50 PM
Chai..This our present government no be am atal. Na this kind thing them for do at the initial than having most crypto exchanges that trade on naira peer to peer to stop, and consider to have a new registration with them than the displayed drama say the naira trade on exchanges na em be the main cause of naira devalue to dollar.
Anyway, I no blame them cos this na the kind thing wey you go see from government wey no prepare to rule the country accept to create tax upon tax for every private business wey d exists in the country.
Anyway, I no blame them cos this na the kind thing wey you go see from government wey no prepare to rule the country accept to create tax upon tax for every private business wey d exists in the country.
June 27, 2024, 12:08:33 PM
This people like to disappoint us. Is it IMF that should advice them? They supposed to know this. I do not also like this new SEC chairman. I do not expect IMF to advice him of his incompetence. He supposed know this. We that are not even with them know this as it is as simple as ABC thing about regulations.
There will definitely be tax evasion. But it is better to tax and earn huge amount of money than not taxing crypto companies and users at all.
If they will not continue to disappoint us, that is why they are the regulators. They know what to do so that they can not blame users of crypto exchange manipulation.
The SEC likes it or not, Nigerians knows their fiat (naira) manipulation as it is depreciating significantly and they prefer bitcoin and US dollar pegged stable coins. They also see it as investment and not just a hedge against inflation only.
There will definitely be tax evasion. But it is better to tax and earn huge amount of money than not taxing crypto companies and users at all.
If they will not continue to disappoint us, that is why they are the regulators. They know what to do so that they can not blame users of crypto exchange manipulation.
The SEC likes it or not, Nigerians knows their fiat (naira) manipulation as it is depreciating significantly and they prefer bitcoin and US dollar pegged stable coins. They also see it as investment and not just a hedge against inflation only.
June 27, 2024, 11:46:22 AM
The Nigerian Security and Exchange Commission (SEC) have taken a new direction in cryptocurrency which is opposite to their outright condemnation and animosity that lead to the crackdown on exchanges and other crypto related businesses. This is as a result of the advice by IMF, which simply shows that our government can benefit more from a regulated cryptocurrency than an outright ban(which might likely not be possible). Consequently, the SEC have issued a 30-day deadline for all crypto firms to register their businesses in their website1. This might set the stage for full regulation of cryptocurrency.
However, given the peculiarity of our country, there are still many things that should be a concern to many regarding the modus operandi of this new approach and how effective it will be. Some of them include:
[1] https://cryptoslate.com/nigeria-issues-30-day-deadline-for-crypto-firms-to-re-register-under-new-regime/
However, given the peculiarity of our country, there are still many things that should be a concern to many regarding the modus operandi of this new approach and how effective it will be. Some of them include:
- Taxation: Can Nigeria effectively implement cryptocurrency taxation? Won't there be loopholes that will lead to unprecedented tax evasion?
- End to conspiracy: will this new approach bring an end to the conspiracy that cryptocurrency and exchanges are the reason our Naira exchange rate is terrible?
- Crypto adoption: How deep will this new policy push crypto adoption in Nigeria since we know that the potential is there already?
[1] https://cryptoslate.com/nigeria-issues-30-day-deadline-for-crypto-firms-to-re-register-under-new-regime/
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