Legal Experts Say Nigeria in Need of ‘Clear-Cut Guidelines’ for Crypto Industry – Regulation Bitcoin News

Authorities in Nigeria have been told to consider upgrading the country’s cryptocurrency regulatory guidelines because current regulations are not consistent with the realities on the ground. According to legal experts, the growing interest in cryptocurrencies by Nigerians means the country needs to have “clear-cut guidelines” for the industry.

Nigerians continue to defy the Central Bank

Legal experts who spoke at a two-day workshop recently held in Nigeria have urged authorities to consider upgrading the country’s cryptocurrency regulatory guidelines. Experts argued that Nigerians are not following current regulations to discourage investment or trade in cryptocurrency.

As recently reported by Bitcoin.com News, Nigerians are skirting the central bank’s restrictions on crypto trading or investment by using peer-to-peer trading platforms. For example, in just the first of half 2022, Nigerians using Paxful — a peer-to-peer crypto exchange — are reported to have done trades worth almost $400 million. In addition, a survey recently found that the West African country’s residents are the most interested in cryptocurrencies globally.

Meanwhile, in some of their remarks published by The Guardian, the legal experts added that Nigeria’s need for clear guidelines is further justified by the investment that is flowing into the industry. One of the experts, Roger Geisler, a special agent in the Arizona Attorney General’s Office, is quoted in the report giving an example of a risk that many crypto users face but one that can potentially be minimized by putting guidelines in place. According to him:

Google Play Store discovered fraudulent wallets and they are frequently cloned to make them appear genuine. The wallet can be loaded by anyone, but the money will not be returned.

Making an income from digital currencies

David Awe from Africa Fintech Foundry (AFF) was another expert who described the problems encountered when trying to create a regulatory structure for smart contract blockchains. According to experts, lawyers must ensure that smart contracts comply with the criteria.

IkechukwuUwanna is the chairman of Nigerian Bar Association’s Lagos branch. He said that lawyers should seek out ways to make a living in the crypto industry.

“[Cryptocurrency is]The current trend. Everybody is talking about it. What is the legal regulatory framework for this? Are there security concerns arising from the use of digital assets? All of these are money income for lawyers,” Uwanna is quoted saying.

Register here for a weekly email update with African news.

Let us know your opinions on the story. Please comment below to let us know your thoughts.

Terence Zimwara

Terence Zimwara was a Zimbabwe award-winning journalist and writer. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.