Crypto exchanges delist naira

In a bid to tackle exchange rate manipulations, the Securities and Exchange Commission and the Office of the National Security Adviser in Nigeria have directed some crypto exchanges to delist the naira from their Peer-to-Peer platforms. This move has sparked discussions about the need for regulatory frameworks in the cryptocurrency space. Obinna Iwuno, the President of the Stakeholders in Blockchain Association of Nigeria, shed light on the importance of these developments in a recent interview with CNBC Africa. Obinna addressed the delicate balance that regulators face when creating a regulatory environment that fosters innovation while safeguarding national economic interests. He expressed support for the delisting of the naira pair from cryptocurrency platforms, emphasizing the significance of securing the country's economic stability. According to Obinna, the introduction of regulations will help organize and standardize operations within the industry, preventing the rise of Peer-to-Peer transactions that result from regulatory gaps. The lack of initial crypto regulations in Nigeria contributed to the proliferation of P2P transactions, as users sought alternative platforms for their digital asset dealings. Obinna stressed the importance of mandatory know-your-customer (KYC) procedures on regulated exchanges to ensure transparency and accountability in transactions. He highlighted the Stakeholders in Blockchain Association of Nigeria's commitment to upholding a code of conduct for virtual asset service providers, focusing on customer security, custody, and compliance measures. Obinna commended the SEC for recognizing the need for regulatory oversight in the cryptocurrency space, emphasizing the collaborative approach taken in developing new guidelines. He emphasized the importance of tailored regulations that suit Nigeria's unique landscape, drawing inspiration from international frameworks while customizing them to align with the country's specific needs. The interview also touched on the engagement with stakeholders in crafting inclusive regulatory guidelines and the potential lessons that Nigeria can learn from countries that have successfully regulated their cryptocurrency markets. Obinna emphasized the need for collaborative efforts between the SEC and industry associations to ensure that the regulations foster growth and compliance within the digital asset sector. Regarding allegations of cryptocurrency trading impacting national security due to the naira's depreciation, Obinna highlighted the need for thorough examination and dialogues to understand the underlying issues. While acknowledging the seriousness of the concerns raised by regulatory bodies, he stressed the importance of continuous deliberation to address any potential risks effectively. As Nigeria navigates the evolving landscape of cryptocurrency regulations, stakeholders like Obinna Iwuno are optimistic about the collaborative efforts between regulators and industry players. The focus on developing tailored regulatory frameworks signals a proactive approach to addressing exchange rate manipulations and promoting a secure and transparent digital asset market in the country.