Seni Adio, SAN, the Managing Partner of Copley Partners has said that cryptocurrency and blockchain are legal in Nigeria.
He said this at the Legal Business Conference held recently at the Civic Centre in Lagos, during the 2nd plenary session titled: ‘Regulation and Public Policy in Blockchain and Tech Innovations: Finding Balance’.
Seni was of the opinion that cryptocurrency is not illegal as no law makes it illegal or criminal in Nigeria.
He said that there should be ‘smart regulation’ of the blockchain industry and that regulators should be open and work hand in hand with fellow regulators.
Another panelist for the session, Dr Emomotimi Agama, Managing Director of the Nigerian Capital Market Institute said that there are rules guiding the capital market and that the digital economy is not left out.
Agama said the rule is robust and rich and that it is important to comply with the rule as the rights of investors must be protected. He also said that regulations are made for the best interest of the people. He advised that lawyers should interpret the law for the industry players and regulators.
Another Panelist for the session, Chiagozie Iwu, Founder of Naijacrypto and CI Crypto Solutions said that the e-naira is not different from what we currently have in the banking sector and noted that it should be strengthened to meet the standards in the market.
Mr Adedeji Owonibi, Senior Partner, A&D Forensics noted that there should be a balance in regulation and public policy in tech innovations and blockchain. He added that there should be periodic sensitization on the new technology.