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For investors and businessmen looking to set up cryptocurrency services/ businesses in Nigeria, crypto … Keywords: cryptocurrency, virtual currency, Bitcoin, Nigeria, capital market regulators, currency laws Suggested Citation: Suggested Citation In View of the P & ID Case, Should Nigeria Adopt a National Arbitration Policy? He has trained more than 3,000 police officers in Nigeria on human rights, rule of law and conflict management. Meanwhile, by claiming that cryptocurrencies are not legal tender in Nigeria, the Central Bank of Nigeria (CBN) is essentially indicating that cryptocurrencies are not officially recognised as Further, it lets you replace traditional contracts; which then saves time and money for your business. But depending on the sector or industry a business plays in, certain laws, regulations, and guides may apply as well as other considerations that may be brought to fore. has declared cryptocurrency trading illegal or criminalized it. The Vexed Question of Venue, Place and Seat in Determining Control of Arbitration Proceedings (THE P & ID Case Study), A Guide to Setting Up an Offshore Company in Nigeria, Resolving the Legal and Regulatory Challenges of Fintech in Nigeria, Key Clauses in a Content License Agreement, Alternative Dispute Resolution & Arbitration. She was the founding / pioneer Director General of the Nigerian Chamber of Shipping ( NCS). Blockchain Wallet. Common Cryptocurrencies traded in … It contains records which can be verified autonomously without the need to have a central entity. Truth be told there will always be crime and criminals, therefore, the axiom “prevention is better than cure” comes in. It means citizens of Nigeria can use NairaEx now to purchase Bitcoin for fair-minded market rates except at peer-to-peer exchanges. However, you can still buy and sell Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB) Market, Cardano (ADA), Dogecoin (DOGE), XRP (XRP), USD Coin (USDC) and other Crypto currencies legally in Nigeria without getting burnt by the … On the 5th of February 2021, the Central Bank of Nigeria (CBN) released a letter addressed to banks and other financial institutions which … As a lawyer, my interest in new products and services remains constant. According to the Nigerian Cyber Crime (Prohibition, Prevention) Act 2015, all financial institutions, including Fintech companies, must verify the identity of customers involved in electronic transactions, integrate and implement know-your-customer (KYC) processes, and keep all subscriber data safe for two (2) years. There are a number of criticisms leveled at cryptocurrencies, the most common is the link to criminal activities associated with its use. Ifeyinwa Akerele as a Synergy Partner at OAL is an experienced administrator in the public and private sector. Bitcoin is legal in Nigeria, but the Nigerian Securities and Exchange Commission (SEC) warns people that investing in Cryptocurrency may be risky and fraudulent. $65m traded every month. Nigeria is yet to establish a legal framework or legislation for cryptocurrencies or crypto exchanges; nevertheless, there is a strong desire to do so very soon. Cryptocurrencies are legal in Nigeria and have never been banned! the user does with the cryptocurrency in the transaction determines. Banks vs Bitcoin The Politics of Cryptocurrency Regulation in Nigeria. All Rights Reserved. In response to the CBN’s instruction, banks have begun to identify and deactivate accounts of people having cryptocurrency exchange inflows/outflows. https://www.jollofnews.com/what-is-the-legal-status-of-cryptocurrency-in-nigeria Luno records its highest … He’s one of Nigeria’s leading experts in arbitration and has presided over several complex cases. He is an astute litigator who has honed his skills of persuasive speaking from his frequent interfacing at all the levels of courts in Nigeria. NairaEx is one of the new, home-based Bitcoin exchanges. The statement also instructed all banks and financial institutions to close accounts of individuals or entities engaging in this type of transaction. Dr. Agbakoba is the Senior Partner and Head of the Arbitration & ADR practice group in Olisa Agbakoba Legal (OAL). At Olisa Agbakoba Legal (OAL), we have skilled and experienced cyber lawyers that can provide legal support and advisory services relating to cybercrimes including cryptocurrency-related attacks. Technology promotes information and allows corporate business to consider imperatives to enhance efficiency and prevent losses. Many people in Nigeria are interested in investing in Cryptocurrency, and its users increasing day by day. Wia dis foto come from, Bank of Ghana Nigeria The law is trite that any conduct that must be sanctioned must be expressly stated in a written law. 4. These accounts for why we have full-time crypto traders who employ various strategies and methods of trading. Here is a list of the 10 Best Cryptocurrency Exchange Company in Nigeria. Found insideThe legal status of cryptocurrencies is under radar by most of the countries. ... Countries such as Bolivia, Ecuador, India, Nigeria have declared public statements declaring such restrictions. Bitcoin being the most popular one, ... cryptocurrencies are built on the idea of decentralization. Further, it lets you replace traditional contracts; which then saves time and money for your business. Her experience in Human Resources Management earned her a position as the Legal Administration Manager at Olisa Agbakoba Legal. … The Central Bank of Nigeria (CBN), Nigeria’s financial. Amidst the constant stream of overly technical and excitable books heralding a blockchain revolution that's destined to be more disruptive than the Internet, this book stands apart for its more nuanced take, focusing on the potential for ... seventh most populated country throughout the world. He is an astute litigator who has honed his skills of persuasive speaking from his frequent interfacing at all the levels of courts in Nigeria. October 24, 2021 NEWS. NIGERIA: On the 14th of September 2020, the Securities and Exchange Commission (SEC) released a Statement On Digital Assets And Their Classification And Treatment to clarify that … 1.1m cryptocurrency trades per month in Nigeria on the Paxful platform. government must seek out avenues and intelligent approaches to deal with Blockchain and cryptocurrency”. Accessibly written by one of the foremost experts on African hip-hop, this book will easily find its place in the classroom. To store the cryptocurrency you purchase, you must have access to a crypto wallet. Babatunde Ogungbamila is a Partner in Olisa Agbakoba Legal and heads the firm’s Dispute Resolution Practice. Meanwhile, by claiming that cryptocurrencies are not legal tender in Nigeria, the Central Bank of Nigeria (CBN) is essentially indicating that cryptocurrencies are not officially recognised as money in Nigeria, but that they are not unlawful. Yele is the former director of Binance Lab; blockchain technology and a venture firm … The Central Bank of Nigeria (CBN), Nigeria's financial market's regulator, does not recognize cryptocurrencies and hence … While is it not banned, it is worthy to note that it is not yet officially recognized as a … Luno is a cryptocurrency exchange/wallet provider. Following the Central Bank of Nigeria ban on Crypto transactions in Nigeria, legal trade (buy and sell) of cryptocurrency has become difficult. Technology has since, the last century seen a high permeation in all sectors of the global economy. How do Bitcoin and its block chain actually work? How secure are your bitcoins? How anonymous are their users? Can cryptocurrencies be regulated? These are some of the many questions this book answers. Can blockchain solve your biggest business problem? While the world is transfixed by bitcoin mania, your competitors are tuning out the noise and making strategic bets on blockchain. Bitcoin Trading with Paxful. In this book, you will learn how to buy and sell Bitcoins on Paxful without being scammed. The book begins with a brief and simple introduction to what Bitcoin is and 5 methods you can use to get Bitcoins. Research has shown that in 2020 alone, over $400,000,000 (190 billion naira) worth of cryptocurrency was traded by Nigerians; a large amount of this volume was processed by Nigerian … Engaging in cryptocurrency transactions does not amount to “illegal transactions” under Kenyan, Ghanaian, and Nigerian laws. In a public statement issued on November 22, BICCON — a coalition of Nigeria’s foremost cryptocurrency and blockchain advocacy groups — advises affected individuals and companies to seek legal advice … Court Unfreezes Accounts Blocked For Cryptocurrency Trading. There has been a lot of positive and negative discourse on the value of. Furthermore, the anonymity offered by cyberspace allows for a lack of self-regulation, which may result in unethical conduct. At present, there is no standard worldwide framework to regulate virtual currencies. One major feature characterizing Blockchain technology is the decentralized feature it possesses. These transactions are trackable and irreversible. This in my view begs the need for government regulation. This accounts for transparency in transactions. The Act also encourages cybersecurity and protection of computer systems and networks, electronic communications, data and computer programs, intellectual property, and privacy rights, as well as the protection of important national information infrastructure. The CBN’s initiative on the ban of cryptocurrency will have an incredible impact on the world’s 2nd largest bitcoin market because people will not be able to buy cryptocurrencies while using their own credit or debit cards. An affiliated subject matter which I had to get my head around to understand in my quest for knowledge is the “Smart Contract”. In accounting, a ledger is a computer file or a book where you find a complete record of a company’s financial transactions throughout its life. Trezor wallet signs transactions and stores cryptocurrency private keys offline. Trading cryptocurrency in nigeria. ... claims it "routinely ranks number 1 or number 2 in terms of global cryptocurrency usage." It said that the anonymity and absence of KYC rendered cryptocurency vulnerable to illicit usage, such as money laundering and terrorism funding. Most authors on this topic including Chimezie Chuta, the coordinator of Blockchain Nigeria User Group, who has written extensively on this subject matter, are of the opinion that “government must seek out avenues and intelligent approaches to deal with Blockchain and cryptocurrency”. He said, “Digital … The Blockchain Industry Coordinating Committee of Nigeria (BICCON), has said it is not lawful for Nigerian financial institutions to arbitrarily freeze or close bank accounts belonging to individuals or entities accused of trading cryptocurrency. Trezor Wallet. This implies that the information may be traced back to specific individuals, and the financial institutions concerned are obligated to make this information accessible when requested to do so by a law enforcement agency. Specifically, the Central Bank of Nigeria declared in 2018 that cryptocurrencies are not regarded as legal tender, discouraging Nigerians from participating in cryptocurrency transactions. Babatunde Ogungbamila is a Partner in Olisa Agbakoba Legal and heads the firm’s Dispute Resolution Practice. Lady Debie works as a Synergy Partner at OAL. According to CBN in a circular issued to banks and other financial institutions on January 2017. about cryptocurrencies or virtual currency operations in Nigeria, cryptocurrencies are largely untraceable and anonymous, and they are vulnerable to abuse by criminals, particularly in money laundering and terrorism financing. Still, Nigeria’s legal status is questionable, unlike Morocco, which bans Cryptocurrency in their area of the country. Is cryptocurrency legal in Nigeria 2021. Luno wallet helps bitcoin storage and transactions, for example, purchasing, selling and paying by their bitcoin wallet facilities. a smart contract is an agreement between two people in the form of computer code. You can store your cryptocurrencies in one Exodus wallet. He has trained more than 3,000 police officers in Nigeria on human rights, rule of law and conflict management. Where am I going with all this? More than a dozen crypto exchanges record daily trading volumes of more than $10 million. It has been argued that using smart contracts helps you eliminate both enforcement costs and ambiguity, making all business transactions instantaneous. Luno wallet helps bitcoin storage and transactions, for example, purchasing, selling and paying by their bitcoin wallet facilities. Aside from the influence of the Cyber Crime Act 2015, the Securities and Exchange Commission (SEC) cooperating with the Central Bank of Nigeria (CBN) to regulate cryptocurrency trading is a laudable effort toward building a legal framework for cryptocurrencies in Nigeria. This Act creates a comprehensive legal, regulatory, and institutional framework in Nigeria to prohibit, prevent, detect, prosecute, and punish cybercrime. I was recently briefed by a client seeking legal advice regarding the use of cryptocurrency by way of an Agri Coin to unify farmers, farm products and product trading in the rural areas of Nigeria. Chinedu is a Senior Associate and Core Litigation Lawyer with ardent interest in Public Interest Advocacy, Constitutional and Human Rights Affairs. Code of Conduct Tribunal: Examining its Place in the Nigerian Judicial Hierarchy, Banks as Collecting Agents For FIRS – A Conundrum. Mutsvangwa, who spoke following a cabinet meeting on … Instead, the ledger is open for everyone in the chain who can see every detail of every record hence it is “public”. To his credit are over 100 articles published in newspapers and journals diverse legal and public policy issues. I personally invested in some … We take a closer look at Nigeria’s approach to regulating cryptocurrencies through the lens of regulatory models adopted by other African countries and recent legal developments in the field. She has appeared in many cases before State and Federal High Courts, Court of Appeal and Supreme Court and Election Tribunals. The CBN regulation also requires BFIs to ensure that operators of crypto-currency exchanges comply with standard AML/CFT requirements. There has been a lot of positive and negative discourse on the value of cryptocurrency to fiscal systems. She is leading the International Trade Practice group focusing on Trade control matters – sanctions, export controls, trade litigations and helping our clients understand how government enforces, regulates and addresses compliance matters, also advising on the nexus between politics and commerce and the dynamism companies need to consider. The Central Bank of Nigeria (CBN) has recently sent a letter to banks and other financial institutions in February 2021, stating that trading in cryptocurrencies and enabling payment for cryptocurrency exchanges are banned. Different jurisdictions have stated cryptocurrency to have the status of either security, currency, property, cash equivalent, asset or commodity and this has made it easier to be legislated on, regulated and monitored. As a former member of. $100 was spent on each trade on average. Developing a simple crypto trading strategy like a pro trader. The CBN also directed all banks and other financial institutions to identify and cancel the accounts of individuals or businesses who deal in cryptocurrencies or run cryptocurrency exchanges. Steps to buying Cryptocurrency in Nigeria. SEC approves cryptocurrency trading in Nigeria. Several governments have prohibited the use of crypto-currencies inside their borders, while others have warned the public against it, claiming that crypto-currencies cannot be controlled, while yet others have approved the usage of these digital currencies and subjected their use to Fintech laws. However, the purchase of cryptocurrency … While this may be so, one will question whether it will not affect the key issues of “predictability”. This is however not the position in Nigeria. There a lot of news about cryptocurrency in Nigeria but first off. This Act creates a comprehensive legal, regulatory, and institutional framework in Nigeria to prohibit, prevent, detect, prosecute, and punish cybercrime. There is no one organization or person who is in charge of keeping this ledger. The Blockchain Industry Coordinating Committee of Nigeria (BICCON), has said it is not lawful for Nigerian financial institutions to arbitrarily $100 was … In conclusion, I believe that cryptocurrency in Nigeria has come to stay and its advantages clearly outweigh the disadvantages. At the core of smart contracts are self-execution, code write-ups and Blockchain enforcement (all technical terms which I am still trying to understand!). #1. It runs on the blockchain, so it can be stored on a public database and cannot be changed. market’s regulator, does … The cryptocurrency trading restriction in Nigeria has been criticised in many quarters, including by even Vice President Yemi Osinbajo, but the CBN has refused to budge. Affected Crypto Entities Told to Seek Legal Advice In a public statement issued on November 22, BICCON — a coalition of […] Trading in cryptocurrency in Nigeria is becoming very popular and can be a profitable idea for investment. They only came to exist as decentralized money mechanisms in 2009. The answer is No. It is not legal for Nigerian financial institutions to freeze or close bank accounts of individuals or entities accused of trading cryptocurrency, said the Blockchain Industry Coordination Commission of Nigeria (BICCON). Despite the crypto ban in Nigeria, the good news is there are still ways to buy cryptocurrencies in Nigeria. The use of crypto-currency extends beyond data protection and into the world of untraceable data. This book was written to guide those who wish to start an online business or bring their offline business, online. FinTech has developed rapidly in recent years, and with these developments new challenges arise, particularly for regulators: how do you apply current law to these ever-changing concepts in a world of continual technological advancement? Cryptocurrency was not defined by the Statement, so until regulations regarding cryptocurrency have been published by the Commission, the general description of Using this record, accounting officers can prepare the company’s financial statements. Dr. Agbakoba is the Senior Partner and Head of the Arbitration & ADR practice group in Olisa Agbakoba Legal (OAL). But the Central Bank Nigeria and the Senate have warned people as well. Yvonne is the Managing Partner of OAL, setting the strategic goals and objectives of the firm, managing the operations and driving business growth. The Payment Services Act defines “cryptocurrency” as a property value. According to the Commission’s statement, the regulations’ goal is not to impede technology or innovation, but to establish norms that encourage ethical behavior. ” comes in. He has served in advisory capacities for both Federal and State Governments, initiated institutional and regulatory reforms as well as led public interest litigation programmes contributing positively to Nigeria’s socio-economic and political environment. I was recently briefed by a client seeking legal advice regarding the use of cryptocurrency by way of an “Agri Coin” to unify farmers, farm products and product trading in the rural areas of Nigeria. We take a closer look at Nigeria’s approach to regulating cryptocurrencies through the lens of regulatory models adopted by other African countries and recent legal developments in the field. He is a tech-savvy, blockchain enthusiast who devotes his time to training lawyers on Blockchain and its regulatory … I chose this caption advisedly, in spite of my understanding of the Central Bank of Nigeria’s letter dated February 5, 2021 prohibiting “dealing in cryptocurrencies or facilitation of … Gradually, we are seeing a transition from physical currency to almost virtual currency. The Central Bank of Nigeria (CBN), Nigeria’s financial market’s regulator, does not recognize cryptocurrencies and hence … 3. 2020. The transactions that happen in a smart contract processed by the blockchain, which means they can be sent automatically without a third party. Yvonne is the Managing Partner of OAL, setting the strategic goals and objectives of the firm, managing the operations and driving business growth. Actually, Nigeria has the highest adoption rate for cryptocurrencies in Africa. Almost every financial transaction in the world has legal ramifications, and cryptocurrency is no exception. Found inside – Page 103... an express ban on dealing in crypto asset or jurisdiction with stringent investor protection law requirements which ... The Central Bank of Nigeria (CBN), Nigeria's apex financial regulator on January 12, 2017, issued a circular to ... Lilian is a Synergy Partner with over 4 decades experience as a Corporate Solicitor specializing in Commercial Practice, Business Development, Business Management, Real Estate Letting and Sales, Real Estate Advisory Consultancy, Property Development and Property Facility Management. It has also been shown that the nature of cryptocurrencies makes them ideal for a variety of criminal operations such as money laundering, tax evasion, drug trafficking, and so on. The body also insists that no Nigerian organization, public or private, should be above the law. It is a software wallet that offers a customer interface to access and convert your cryptocurrency assets. However, the purchase of cryptocurrency does not translate into its use as legal tender in Nigeria. It is interesting to note that Nigerian Banks and other Financial Institutions, as well as capital market operators, are prohibited from investing in cryptocurrencies or carrying on business as a virtual currency exchange. The “Cybercrimes (Prohibition and Prevention) Act, 2015” has a significant impact on cyber law in Nigeria. It is unclear if impacted customers will be able to reestablish accounts with their banks in the future. The intensity of the crackdown has been likened to China’s methods that took place … It is easy to see why cryptocurrency is becoming an attractive alternative to traditional currencies, especially in economies beset by double-digit inflation and economic uncertainty. Her broad experience in the regulatory and compliance industry covers investment banking, brokerage and fund management sectors and has seen her hold various leadership roles in regulatory and compliance sector. While banks and other financial institutions are prohibited from dealing in cryptocurrencies in Nigeria, cryptocurrency has not been termed illegal, but it is unregulated. In addition, a fundamental feature of Blockchain technology we need to consider is its immutable character. Lead Digital Strategist, Olisa Agbakoba Legal (OAL). He has successfully litigated on several landmark human rights and public interest cases. Crypto in the crosshairs: US regulators eye the cryptocurrency sector. A smart contract is designed using lines of code and executes itself without the intervention of a third party and after fulfilment of certain laid out conditions. With the above in mind and the understanding put in context, it is clear that Blockchain is simply a” decentralized ledger”. Nigeria's cryptocurrency business. Nigeria is a developing market and is usually seen as a standpoint economy. Francis is a Synergy Partner at OAL who has successfully prosecuted numerous public interest and human rights as well as diverse civil cases in various superior courts of record in Nigeria. The Handbook of Digital Currency gives readers a way to learn about subjects outside their specialties and provides authoritative background and tools for those whose primary source of information is journal articles. In Nigeria and Indian, there are restrictions placed on Crypto trading, and it hasn’t been called illegal. As a general rule, you can buy cryptocurrencies in Nigeria by following these three steps, regardless of which platform or service you use. While this may be true, it is clear from practice that the orthodox manner of contractual evidencing still is the order of the day. In response to cybercrime, the usage of cryptocurrency has generated global concerns about consumer data protection. Osasenaga showed me on his phone just how much the trade-in digital currencies has recently risen. SureRemit a Nigerian start-up company raised $7 million through a Blockchain ICO aided by ‘Hashed’ one of the largest cryptocurrency funds domiciled in South Korea. Di Bank of Ghana no recognize cryptocurrency as legal form of currency, although dem don arrange Bill to regulate cryptocurrency. No law in Nigeria, Ghana, or Kenya has made dealing in cryptocurrency illegal or criminalized it, including cryptocurrency trading. In defending its stance against cryptocurrency, the CBN cited the CBN Act, 2007 which prohibits the use of any other legal tender within Nigeria. 4 Amazing Things About Bitcoin You Must Know, 4 Actionable Tips For Choosing The Best Crypto Exchange, Bitcoin Trading, Ethereum Trading, Litecoin Trading, Ripple Trading, Leverage 100x, Top 5 Reasons You Should Invest In Shiba Inu, Important Things to Know About Shiba Inu Before Investing In It. In other countries where it is legal … Fully automated contractual systems are proposed to make business and the law work better; the contracts people actually write are unregulated penny stock offerings whose fine print literally states that you are buying nothing of any value. The CBN claimed that cryptocurrencies are created by unregulated and unregistered companies, and hence usage in Nigeria violated existing laws since they are not legal money. Smart contracts are computer protocols intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Its use is independent of our traditional banks. Lilian is a Synergy Partner with over 4 decades experience as a Corporate Solicitor specializing in Commercial Practice, Business Development, Business Management, Real Estate Letting and Sales, Real Estate Advisory Consultancy, Property Development and Property Facility Management. Unfortunately for regulators, cryptocurrencies are built on the idea of decentralization, which means that they are intentionally designed in a way that prevents them from being controlled by a central authority in the same way that traditional currencies are. Noting the increasing use of cryptocurrency in Nigeria, it is imperative that the Central Bank of … The Central Bank of Nigeria (CBN), Nigeria’s financial market’s regulator, does not recognize cryptocurrencies and hence does not have a regulatory framework or licensing regime in place for cryptocurrency operators. On February 5, the CBN released a ruling that orders all financial institutions to stop facilitating crypto transactions and desist from transacting with entities engaging in crypto. No specific regulation in Nigeria has declared cryptocurrency trading illegal or criminalized it. Ifeyinwa Akerele as a Synergy Partner at OAL is an experienced administrator in the public and private sector. Infact, this position was reiterated in another CBN Press Release dated … Internet users in Nigeria have the highest rates of cryptocurrency ownership in the world, followed by Malaysia and Australia, according to data by comparison firm Finder. African countries have adopted a disaggregated approach to regulating digital currencies in general. The Vexed Question of Venue, Place and Seat in Determining Control of Arbitration Proceedings (THE P & ID Case Study), A Guide to Setting Up an Offshore Company in Nigeria, Resolving the Legal and Regulatory Challenges of Fintech in Nigeria, Key Clauses in a Content License Agreement, Alternative Dispute Resolution & Arbitration. The ledger records financial information on liabilities, assets, expenses, revenues and owners’ equity. Its regulation is largely dependent on the efforts of individual countries. Copyright 2021 - Olisa Agbakoba Legal (OAL). He is grounded in legal, regulatory and public policy advisory services.

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