As per the report, the crypto advocacy group in Nigeria recently arranged a protest to call for regulatory reforms. On this account, the industry participants are calling for crypto-specific policies. At the same time, the broader movement objectives are yet to be integrated into the industry.
At present, the hashtag #EndBadGovernanceInNigeria has been pushed to the top with the efforts of local protestors. Under this banner, the crypto community of Nigeria has made calls for the inclusion of industry-specific policies.
Crypto Regulatory Reforms
Crypto sector participants have continued to join the movement. It is also directed towards the myriad of governance issues. The regulators in the sector have called for regulatory reforms that may have a significant advantage for the crypto sector and economic sector.
Rume Ophi, the former secretary of stakeholders hailing from the Blockchain Technology Association of Nigeria (SiBAN) has called for strong support to include crypto-demands in the agenda of the protestors.
Ophi noticed that citizens have a right to arrange peaceful protests. Furthermore, some of the demands extended by the protest organizers are reflective of the protest organizers.
Crypto Regulations Could Strengthen the Nigerian Economy
Ophi maintained that favorable crypto regulations can pave the way for foreign investments, new jobs, and economic flourishes. At the same time, it can lead employers to extend more employment offers.
He noted that he is not in support of state property destruction but drafting favorable regulations as a priority in the National Assembly should be one of the demands. Chimezi Chuta, chairperson of the National Blockchain Policy Steering Committee has retained a different view on the matter.
He has retained that the government is taking steps to support the blockchain industry in Nigeria. Chuta further noted that successful implementation of policy can fill a lot of gaps present in the crypto sector.
Therefore, it is not necessary for the industry to continue to protest government policies. He further retained that a sub-committee has formed a unified regulatory framework to strengthen the Virtual Asset Service Provider (VASP) sector.
This committee is inclusive of the Securities and Exchange Commission of Nigeria, the National Security Agency (NSA), Central Bank, and National Information Technology Development Agency (NITDA).
Formerly, Nigerian blockchain and fintech sectors ruled in favor of passing favorable regulations as a way to facilitate greater adoption and effective implementation of national blockchain policy. At the same time, the SEC also started a pre-assessment portal for accessing and qualifying VASPs before license grants.
In a hallmark decision, the Securities and Exchange Commission of Brazil approved the first-ever Solana ETF. The decision was finalized and disclosed on Wednesday in the database of the federal database.
The new investment product is now awaiting an approval from the local stock exchange B3. A Coindesk article noted that the ETF is the first of its kind and the one of the SOL-backed ETFs.
The first SOL ETF, launched in Switzerland in June 2021, was offered by 21Shares and it was listed on the SIX Swiss Exchange. The database of CVM has indicated that Solana-ETFs are still under process and have not been fully approved by B3. Local media outlet, Exame noticed that the product will track the CME CF Solana Dollar Reference Rate and is supported by the Chicago Mercantile Exchange (CME).
The ETF product is offered by QR Asset in tandem with Vortx, which is a fintech firm, that will provide hosting support. Theodoro Fleury, the manager and chief investment officer of QR Asset has noticed that SOL ETF is a testament to the offering quality and diversification offered to Brazilian investors. He noticed that we are proud to operate as global pioneers in the crypto ETP sector.
The South American nation has remained a fruitful place for ETFs. Bitcoin and Ethereum ETFs were listed on B3 during 2021 and 2022. In July, CBOE asked the SEC to allow asset management firms such as VanEck and 21Shares to register a Solana-based ETF. However, thus far this request has not been approved or made any progress.
