2022 was more of industry-regulator engagements’ year, especially from the point of view of the Securities and Exchange Commission (SEC),” Senator Ihenyen, President of Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), said during a chat with TechEconomy.

In line with that, he wants the aspirants for 2023 Presidential elections (in Nigeria) to unveil their policy directions with regards digital assets in the country.

This, Ihenyen said, would assist more young Nigerians to make right choices with regards investments and participation in governance.

He cited example of the engagements with the National Information Technology Development Agency (NITDA) in the past year as step towards having a regulatory framework for digital assets in the country.

“We have made some headway with the SEC; a regulatory framework for those offering virtual assets, custodians of exchanges in the form of initial offerings. That was big news for Nigeria in the year 2022.”

“SiBAN also had interesting developments like virtual assets being recognized under the new Money Laundering Act 2022.

“This was the first time in Nigeria a law was introduced by the National Assembly recognizing virtual assets to ensure Nigeria has effective and efficient AML (Anti-money laundering) and CFT (Combating the Financing of Terrorism) policy; ensuring accountability and transparency in the system”.

Edging on the recent comments by the CBN Governor about crypto being a dark world or a world for criminals, the President of SiBAN said that with regulations, especially the new AML Act, it will no longer be regarded as a dark world.

“So, those were the major reviews of the year 2022 for the crypto industry in Nigeria. We have seen more industry players working together.”

“For us at SiBAN, we introduced, in June 2022, a code of conduct for Virtual Assets Providers in Nigeria which is a proactive way of ensuring consumer protection and investor safety in the system. So, seeing FTX and what happened around the exchange, it reinforces the need for government regulations, and self-regulations by industry stakeholders.”

Commenting on the forthcoming 2023 general elections in Nigeria and the need for aspirants to disclose their understanding and plans for the digital economy space, the SiBAN President said, “I would have to commend the current Minister of Communications and Digital Economy, Prof. Isa Pantami. He has done wonderful work by giving the government a sense of direction as far as the Digital Economy is concerned.

“What we have lacked so far is collaboration with other government agencies, especially when you look at things from the Financial Services Industry (FSI). There appear to be inconsistencies going on there because we do not have the government taking a stance on what it wants to do with technology in that space. We have seen the CBN singing a different song, the SEC facing the other way, and the Federal Ministry of Finance, Budget and National Planning, singing a completely different song. We have seen this in the design of the eNaira. It also reoccurred during the redesign of the Naira. There is no working together; recently, the ‘Finance Ministry’ came out to say they are taxing digital currencies and digital assets which is contrary to what the CBN is looking at. So, there is an obvious lack of collaboration.

“What we think needs to happen, especially with the new government expected to be sworn-in by May 29, 2023, whether an APC Government, PDP or Labour Party Government, or any other party, it must have a policy direction for Nigeria so we can maximize opportunities provided by the digital economy. We do not seem to have seen the big picture. We are taking it little by little which is not in our best interest,” he added.

Speaking recently to the media on the upcoming event, the President of SiBAN, Mr. Senator Ihenyen disclosed that the conference which will be a hybrid event is part of the association’s commitment to educating users and members of the public about blockchain technology, promoting its adoption by both private and public bodies, ensuring consumer protection and helping them safeguard against scams, while also working with regulators to help maximize the untapped potentials of blockchain technology.

“Blockchain is one of the biggest opportunities for Africa in the 4th Industrial Age. Nigeria is Africa’s biggest country and one of the biggest players on the globe. We understand the challenges in this ecosystem as well as opportunities for Nigerians. That is why we have lineup a rich crop of experienced and successful leaders in this space to speak on the theme, ‘CeFi, DeFi & TradFi: is there a need for Convergence in the Current Divergence,’” Ihenyen said.

“With this P2P Conference 2022 theme, we wish to have an open conversation about the emergence of blockchain technology, its application across the spectrum of CeFi, DeFi, and TradFi, and consider whether a convergence of these three is the better way to go for both innovators and regulators,” he explained.

Jude Ozinegbe , Chairman of the Organising Committee for the conference, further revealed that the P2P Conference 2022 will be targeting up to 5000 participants, bringing players, policymakers, and the public together. 

Ozinegbe who is also the Convener of Cyberchain added: “the conference will provide participants with networking opportunities while serving as a vehicle to drive awareness of the economic value of what we do.  Participants will also enjoy access to conference talks, workshops, and other learning opportunities and get to network with speakers, guests, and other conference participants,” he revealed.

Vice President, Media and Publicity for the association, Chukwuemeka Ezike added that the P2P Conference 2022 will be free and opened to all to attend, however registration is compulsory and can be done here.

Among the speakers SiBAN has lined up for the conference is Channels Television’s crypto market analyst and Founder of the prestigious CryptoPreacher Blockchain Academy CPBA, Rume Ophi (CryptoPreacher). He says that the leadership of the conference committee couldn’t have chosen a better theme in the face of the current economic realities of the country. Noting that Nigerians are at the forefront of the adoption and utilization of blockchain and cryptocurrency in Africa, Rume is optimistic that the quality of speakers at the conference will make invaluable contributions to the alternative finance space in Africa.

Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) is a Self-Regulatory Organisation (SRO), an association of blockchain & crypto industry players founded in 2018. Registered members work together to promote a free market for blockchain & crypto players by driving blockchain & crypto education, encouraging the adoption of model self-regulatory policies in accordance with global best practices, and collaborating with relevant bodies to ensure that while innovation is not stifled by regulation, consumer protection and investor safety are safeguarded.

At the Nigeria Fintech Week 2021, SiBAN was recognized as “The Best Blockchain Association in Africa”.

To register for free, follow this link: www.siban.org.ng/p2p-register