The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) played an integral role in the just concluded Nigeria Fintech Week 2024, with its Head of Legal and Compliance, Senator Ihenyen, Esq., serving as a resource person in the Blockchain and Virtual Asset Service Providers Policy Workshop.
The Nigeria Fintech Week (NFW), an annual flagship event organized by the Fintech Association of Nigeria (FintechNGR), brings together key players in the financial technology industry to discuss emerging trends, policies, and innovations shaping Nigeria’s financial ecosystem. FintechNGR and BICCoN have maintained a long-standing relationship as industry partners, consistently exchanging resources, ideas, and moral support to foster the growth and regulation of fintech and blockchain sectors in Nigeria.
During the workshop, Senator Ihenyen delved deeply into the current policy framework governing Blockchain and Virtual Assets in Nigeria. His presentation focused on two major regulatory initiatives: the National Blockchain Policy of the Federal Government and the Accelerated Regulatory Incubation Program (ARIP) for Virtual Asset Service Providers (VASPs) introduced by the Securities and Exchange Commission (SEC).
He highlighted how these frameworks are crucial for the sustainable development of blockchain technology and virtual assets in Nigeria, stressing the importance of a balanced regulatory approach that fosters innovation while ensuring consumer protection and market stability.
BICCoN’s participation at the Nigeria Fintech Week 2024 reflects its continued commitment to shaping the policy framework for blockchain technology and virtual assets in Nigeria. Through collaborative efforts like this, BICCoN aims to create an enabling environment for blockchain adoption and responsible innovation across various sectors.