Coalition Calls For Regulation Of Digital Currency Ecosystem

The Digital Currency Coalition (DCC) has called for the regulation of digital currency ecosystem in the country.

DCC is Africa’s premier consortium of crypto asset practitioners, blockchain innovators, and founders. DCC made the call on the heels that a well-regulated digital currency space is vital for the economic future of Nigeria.

In a press statement made available to LEADERSHIP, the Coalition appreciated the regulatory discussions led by president Bola Tinubu and the minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, which aligns with DCC’s long-standing call for a structured digital currency ecosystem.

These discussions were further informed by a key document from the International Monetary Fund (IMF) and Financial Stability Board (FSB) titled ‘IMF-FSB Synthesis Paper: Policies for Crypto-Assets,’ it stated.

DCC however affirmed its readiness to collaborate with the federal government to develop comprehensive policy and regulatory frameworks that address concerns like financial stability, market integrity, and investor protection, among other risks related to crypto assets.

According to the statement, “Importantly, DCC has proactively self-regulated and complies with the Financial Action Task Force (FATF) standards for Anti-Money Laundering, including enforcing the travel rule among its members. We are committed to identifying and implementing effective anti-money laundering and counter-terrorist financing measures that apply to virtual assets and service providers.

“We believe that a well-regulated digital currency space is vital for the economic future of Nigeria and are ready and willing to be part of the journey to regulation, supporting the government under President Tinubu’s leadership,” it stated.