Nigeria Approaches Crypto Regulation With Blockchain Policy—Lasbery Oludimu

VP Legal & Chief Data Protection Officer at Yellow Card, Lasbery Oludimu

Article summary

• VP Legal & Chief Data Protection Officer at Yellow Card believes the implementation of the National Blockchain Policy will lead to the regulation of cryptocurrencies in Nigeria.
• Why regulation is expected to bring changes to the current state of the market and the way players operate, she said crypto exchanges are ready to comply with government regulations.
• She said the policy will also help create more awareness about crypto in Nigeria.

The VP Legal & Chief Data Protection Officer at Yellow Card, Lasbery Oludimu, has said that the recently approved blockchain policy by the Federal Government of Nigeria will pave the way for the regulation of cryptocurrencies in the country.

In a conversation with Nairametrics, Oludimu described the policy as a positive development, adding that beyond cryptocurrency, blockchain technology has enormous potential to revolutionize various industries and contribute to economic growth.

According to her, stakeholders who have been clamoring for crypto regulation now have higher hopes that the government will take the necessary measures to benefit the industry and the economy when it implements the blockchain policy.

Positive step

While noting that the government’s approval of the national blockchain policy is a positive step towards the development of adequate regulation for cryptocurrencies in Nigeria, Oludimu said:

• – The approval of the policy lays the foundation for starting conversations and creating a framework for comprehensive regulation. As the government instructs various regulatory bodies to develop their own frameworks, we will closely monitor the progress of these discussions and initiatives.
• We look forward to seeing how the cooperation between the agencies unfolds. We expect that this policy will also advance the implementation of the rules for the issuance, offering and custody of digital assets issued by the Securities and Exchange Commission in 2022.”
• “It is a significant step towards establishing a regulatory framework for blockchain technology in the country. The policy’s focus on secure transactions, data sharing and value exchange is in line with our mission at Yellow Card to provide a safe and reliable platform for digital asset transactions. We is committed to complying with all regulatory requirements and working closely with relevant authorities to ensure the responsible adoption of blockchain technology in Nigeria, while providing a seamless platform for our clients to transact and store their digital assets. she added.

Oludimu also noted that the national blockchain policy is beneficial to crypto exchanges such as Yellow Card as it contributes to increased awareness and use of blockchain and cryptocurrencies. She said cryptocurrency regulations will affect business, as they do for all crypto exchanges.

Compliance with regulations

She said the company is well prepared to adapt to any regulatory changes and requirements, adding that while regulations may introduce additional operational and compliance requirements, Yellow Card sees them as a necessary step towards creating a regulated and sustainable crypto ecosystem.

• “We are committed to responsible and compliant operation in the cryptocurrency space. We believe that regulation should be based on thorough research, education and collaboration with all stakeholders. We encourage the government to engage in dialogue with industry participants, experts and the public to ensure that the regulatory measures implemented are comprehensive, balanced and help to promote innovation while protecting consumers and maintaining financial stability.” she said.

In case you missed it

The Federal Executive Council during its meeting on May 3, 2023 approved the National Blockchain Policy for Nigeria. This followed the presentation of a note by the Minister of Communications and Digital Economy, Professor Isa Pantami.

According to the government, the vision for the policy is to create a blockchain-powered economy that supports secure transactions, data sharing and value exchange between people, businesses and the government, thereby increasing innovation, trust, growth and prosperity for all.

The implementation of the national blockchain policy is expected to have a positive effect on both the public and private sectors in the country.