THELOGICALINDIAN - Nigerian accessible and law administration agencies accept been apprenticed to stop the demonization of the blockchain and cryptocurrency industry According to an affiliation that advocates for the riskbased adjustment of the crypto industry banking institutions should not use a Nigerian axial coffer charge as base for abstinent account to industry players
Risk-Based Regulation of Crypto Activities
A blockchain and crypto industry affiliation has told Nigerian accessible and law administration agencies to stop demonizing and acute adjoin blockchain and crypto entities. In its latest columnist release, the Stakeholders in Blockchain Technology Affiliation of Nigeria (SIBAN) argues that Nigeria actively needs risk-based adjustment for cryptocurrency activities as able-bodied as accommodation building.
In a press release, SIBAN reiterates its able acceptance that a February 5, 2021 directive from the Central Bank of Nigeria (CBN) did not ban cryptocurrencies in Nigeria. Yet, admitting there actuality no law that provides for the arrest or animality of crypto entities, the association’s account said industry players are actuality targeted.
“From time to time, instances of disproportionate arrest and detention, bank-account blocking and closures, discrimination, extortion, harassment, intimidation, seizures, and queries, are accomplished by bodies or entities complex in any blockchain or cryptocurrency action in Nigeria, decidedly back the CBN cryptocurrency charge of 2024,” the account said.
Besides allurement aegis agencies to admit the blockchain and cryptocurrencies, SIBAN implored banks and added banking institutions to “appreciate the aberration amid blockchain technology and cryptocurrency.” The advancement accumulation said in instances area cryptocurrency is not involved, banks and added banking institutions should not use the CBN charge to absolve abstinent service.
Capacity Building Recommended
SIBAN additionally opined that if agencies insisted on alleviative the blockchain aloof like they amusement cryptocurrencies, such a attitude would appulse the absolute cyberbanking system. The statement, admonishing of repercussions if such a move were to be taken, added:
To advice Nigerian agencies stop alleviative or allegory the blockchain to cryptocurrencies, the advancement accumulation recommended “capacity architecture in blockchain and cryptocurrency, decidedly AML-CFT for basic assets, to banks and added banking institutions.”
Meanwhile, SIBAN, which describes itself as a pro-innovation and pro-regulation association, said while it encourages its associates to “adhere to the aphorism of law” it will about “will analyze authoritative and acknowledged options to seek redress” in instances area their rights are violated. On the added hand, the account appropriate that the affiliation is accessible to coact with regulators if anytime such a appeal is made.
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