On February 4, 2025, Blockchain Industry Coordinating Committee of Nigeria (BICCoN) was part of a landmark engagement between the Securities and Exchange Commission (SEC) Nigeria and the Algorand Foundation at the SEC Tower, Abuja.
This engagement represents a significant step towards fostering collaboration between regulators and blockchain innovators. It highlights the commitment of both parties to creating a balanced and progressive regulatory framework that ensures compliance while encouraging innovation in Nigeria’s digital economy.
Key Highlights from the Engagement:
✅ SEC Nigeria’s Commitment to Blockchain Innovation: SEC Director-General, Dr. Timi Agama, emphasized the need for a structured yet forward-thinking approach to regulating blockchain and Web3 technologies.
✅ BICCoN’s Leadership in Industry Advocacy: Chairman Mr. Lucky Uwakwe delivered an insightful address on the National Blockchain Policy, emphasizing BICCoN’s efforts in driving education, regulatory engagement, and responsible innovation.
✅ Call for a Unified Regulatory Approach: BICCoN advocated for a one-stop-shop regulatory framework, where SEC, NITDA, and CBN collaborate to create a cohesive environment for blockchain businesses.
✅ Emerging Regulatory Challenges: Mr. Uwakwe highlighted the rise of AI Agents as a future challenge for financial regulation, stressing the need for proactive policy development.
✅ Breakout Sessions & Knowledge Sharing: BICCoN and Algorand facilitated in-depth discussions with SEC staff, equipping them with real-world insights on blockchain applications, regulatory models, and implementation strategies.
✅ Visit to Convexity Hub: The delegation reviewed ongoing blockchain projects in Nigeria such as cNGN stablecoin, exploring the possibility of domestic partnership .
This engagement is projected to be Nigeria’s largest regulator-innovator collaboration, setting the stage for broader blockchain adoption, regulatory clarity, and digital economic growth.
To gain deeper insights, read the full official report, attached below.
📌 BICCoN remains committed to bridging the gap between innovation and regulation for a thriving blockchain ecosystem in Nigeria.
