Amid the ongoing #EndBadGovernanceInNigeria demonstrations, voices from Nigeria’s cryptocurrency sector are advocating for the integration of industry-specific demands.

Many within the crypto community perceive this movement, aimed at tackling numerous governance challenges, as a prime chance to advocate for regulatory changes that could greatly benefit both the industry and the wider economy.

Representation for the crypto sector is essential

Rume Ophi, former Secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has expressed strong support for incorporating crypto-related demands into the protest’s agenda.

Ophi stated to Cointelegraph: “Primarily, it is the citizens’ prerogative to advocate for demands that serve the nation’s interests. In this instance, it is a peaceful demonstration. Given that some demands have been proposed by the protest organizers, it would be reasonable to expect a crypto demand to be included.”

Ophi believes that favorable regulations for crypto could draw significant investments, leading to job creation and economic advancement. “We need friendly regulations so that investors can engage with the industry and generate employment. While I do not support violence against state property, a demand for the National Assembly to draft investor-friendly regulations should be included,” he added.

No necessity for crypto-specific protests

Conversely, Chimezie Chuta, Chairman of the National Blockchain Policy Steering Committee, offered a differing viewpoint. He noted that the government has already made considerable strides in supporting the blockchain and crypto sectors in Nigeria.

Chuta pointed out that a steering committee has been formed to facilitate the effective implementation of the policy, which tackles many of the needs within the crypto industry. Consequently, he believes there is no justification for the industry to protest against the established policy.

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Chuta further underscored that a sub-committee is developing a unified regulatory framework to clarify Nigeria’s operations regarding Virtual Asset Service Providers (VASP). This committee comprises representatives from the Securities and Exchange Commission (SEC), the National Security Agency (NSA), the Central Bank of Nigeria (CBN), and the National Information Technology Development Agency (NITDA).

Previously, stakeholders in Nigeria’s blockchain and fintech industries urged the government to establish supportive regulations to promote the widespread adoption and successful implementation of the national blockchain policy.

In the meantime, the SEC has introduced a pre-assessment portal to evaluate and qualify prospective VASPs before they receive licenses.

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