Two solid days of quality engagements with SEC Nigeria on the best approach to regulating Fintech, Cryptocurrency and virtual financial assets, facilitated by SEC Nigeria, fsdAfrica, EFInA, and UKaids.
"Regulate, but don't stifle innovation".
That was our message.
This is by far the most fruitful deliberation with any Regulatory Agency on this subject matter.
It was an awesome experience.
Nigeria will get it right in this Blockchain stuff!
This is an overview of fin-tech, block chain and Crypto-currency as well as their challenges. The presentation was made at KDI School in Seoul, South Korea.
SpaceBox - A Full Bitcoin Lightning Node for Africa project aimed at increasing the participation of Africans and most developing world in the multi-billion dollar bitcoin industry.
Breakfast bite @ initio : focus on Blockchain & CryptocurrenciesInitio
Our first Breakfast'Bite has taken place last Friday (June 29th, 2018) in our premises in Luxembourg.
This brand new event was dedicated to Blockchain & Cryptocurrencies and was animated by two external speakers:
Laurent MAROCHINI (Head of Innovation - SGSS)
Olivier HANCE (Attorney & Managing Director - Hance Law)
And our two Initio specialists:
Sami EL BOUAMRI (Senior Consultant & Blockchain Leader)
Diana CUTOLO (Manager & Business Line Manager "Fund & Securities Services" ).
Is there a token for that? Tokens demystified.Jan Brejcha
This presentation aims at providing a brief introduction to crypto tokens, how they can be beneficial for the users, and why they can disrupt current industries. Various examples will be discussed.
Crypto tokens are a special kind of signs representing objects and/or functions living in the underlying blockchain, and can be generated by smart contracts.
Tokens enable the viability of open source protocols, and dApps (decentralized applications), which was previously unattainable.
Current regulatory frameworks try to mitigate frauds in ICOs, while helping establish tokens as a new asset class.
This is an overview of fin-tech, block chain and Crypto-currency as well as their challenges. The presentation was made at KDI School in Seoul, South Korea.
SpaceBox - A Full Bitcoin Lightning Node for Africa project aimed at increasing the participation of Africans and most developing world in the multi-billion dollar bitcoin industry.
Breakfast bite @ initio : focus on Blockchain & CryptocurrenciesInitio
Our first Breakfast'Bite has taken place last Friday (June 29th, 2018) in our premises in Luxembourg.
This brand new event was dedicated to Blockchain & Cryptocurrencies and was animated by two external speakers:
Laurent MAROCHINI (Head of Innovation - SGSS)
Olivier HANCE (Attorney & Managing Director - Hance Law)
And our two Initio specialists:
Sami EL BOUAMRI (Senior Consultant & Blockchain Leader)
Diana CUTOLO (Manager & Business Line Manager "Fund & Securities Services" ).
Is there a token for that? Tokens demystified.Jan Brejcha
This presentation aims at providing a brief introduction to crypto tokens, how they can be beneficial for the users, and why they can disrupt current industries. Various examples will be discussed.
Crypto tokens are a special kind of signs representing objects and/or functions living in the underlying blockchain, and can be generated by smart contracts.
Tokens enable the viability of open source protocols, and dApps (decentralized applications), which was previously unattainable.
Current regulatory frameworks try to mitigate frauds in ICOs, while helping establish tokens as a new asset class.
Meet Up - Blockchain Unchained, December 2018.
Check how big the industry is, what is happening in the space, and where are we heading! My presentation for Swiss crypto enthusiasts. #luno
On Oct 15, 2018, Digital Currency Group hosted its fourth annual Founders Summit - a "Sun Valley style" conference that brought together over 125 of the world's leading blockchain and bitcoin entrepreneurs. Hosted at the Ritz Carlton in Lake Tahoe, attendees participated in three days of exclusive, off-the-record networking, dialogue sessions, presentations and panels. As we have done in previous DCG Summits (before the event was private to the public), we are sharing our opening remarks, which were presented by DCG's founder and CEO, Barry Silbert, our VP of Investments, Travis Scher, and Director of Development, Casey Taylor.
On Oct 27, 2017, Digital Currency Group hosted its third annual Tech Summit - three days of private events focused on bringing together our network of digital currency and blockchain tech focused founders, investors, and corporate strategics. These are the opening remarks presented by DCG's founder and CEO, Barry Silbert, regarding the progress the bitcoin and blockchain ecosystem over the last year, and what DCG is excited about looking forward. DCG's Investment Associate, Travis Scher, shares his outlook on ICOs and token sales. DCG's Director of Development, Meltem Demirors, highlights growth metrics across the digital currency and blockchain startup ecosystem and shares insights on the evolution of business models and ongoing challenges to startups in the space.
Applying the Howey Test to the DAO Tokens- On July 25, 2017, the SEC issued its Report on an investigation into an ICO and related activities by the DAO, an unincorporated entity, Slock.it UG (“Slock.it”), a German corporation, and various principals and participants. Previously in this Lawcast series I went through the parameters of the Howey Test to determine if a particular investment contract is a “security” under the federal securities laws. I also have detailed the relevant facts related to the DAO and its ICO offering.
Applying the Howey Test to the DAO Tokens, the SEC notes that “money” need not include cash, but rather can be anything of value. A contribution of ETH is an investment of “money” as considered by the Howey Test. Investors in the DAO were investing in a common enterprise with the expectation of profits, including dividends and increased value. The SEC also found that the profits were to be derived from the efforts of others, including Slock.it, its founders and the DAO curators...
Security Tokens: What, How & Why You Would BotherGalen Moore
Slides from my presentation at Blockchain Expo London last week: security tokens vs securities-regulatory compliant ICO, cryptocurrencies vs utility tokens, and why anyone would even bother tying a security to a crypto asset.
Convergence - Where Blockchain Converges With AR / VR / AI / 3d printing / dr...Jamie Burke
Convergence is an private event, hosted by Outlier Ventures, to bring together 25 leading high-tech pioneers from startups around the world to make sparks fly.
We believe blockchain technologies, including distributed ledgers & smart contracts, are the mega-trend that allows all other macro-trends to both scale securely, converge and combine.
They represent the next phase of The Web, Web 3.0 or ‘The Trust Web’, and are going to transform how technologies interact with one another and the World around them.
A Big Look at Bitcoin w/ Philip Gradwell of ChainalysisNomicsCrypto
https://blog.nomics.com/flippening/btc-philip-gradwell-chainalysis/
Slides from Flippening Podcast Episode #79 with Philip Gradwell of Chainalysis
This deck covers:
• Philip’s career before Chainalysis
• His role as Chief Economist at Chainalysis
• How a relatively small group of traders influence Bitcoin’s price
• The percentage of Bitcoin that could be lost forever
• How most Bitcoin (80%) is HODLed long-term
• What is a VASP or virtual asset service provider?
• How Chainalysis ties addresses to particular exchanges
• How law enforcement uses blockchain analytics
• How illicit activity accounts for just 1% of BTC transaction volume
• Bitcoin’s concentration among the top 14 crypto exchanges
• Analyzing blockchains that follow different accounting models
• The role of fiat in the crypto ecosystem
• How Tether became the dominant quote currency in crypto trading
• Using on-chain data to verify reported trading volumes
• Making blockchain analytics intelligible for the next wave of crypto adopters
The Evolving Ecosystem - Bitcoin, Blockchain and Initial Coin Offering (ICO)Rob McIntosh
October 2018 Event:
Technology Leaders of DFW presents an informative discussion led by Denis O'Neil
The Evolving Ecosystem - Bitcoin, Blockchain and Initial Coin Offering (ICO) - how it will be deployed by businesses and governments alike.
ABOUT THE PRESENTER:
Denis O'Neil provides an overview of the history of Bitcoin and the first modern Blockchain that makes Bitcoin possible.
He describes the evolving ecosystem created by this innovation that will ultimately affect every part of our personal and business lives.
He covers the Initial Coin Offering (ICO) and how it will be deployed by businesses and governments alike."
Denis is Community Manager of DisruptHub.IO. He is an ICO Advisor and has been active in the DFW Cryptocurrency community since 2015.
Meet Up - Blockchain Unchained, December 2018.
Check how big the industry is, what is happening in the space, and where are we heading! My presentation for Swiss crypto enthusiasts. #luno
On Oct 15, 2018, Digital Currency Group hosted its fourth annual Founders Summit - a "Sun Valley style" conference that brought together over 125 of the world's leading blockchain and bitcoin entrepreneurs. Hosted at the Ritz Carlton in Lake Tahoe, attendees participated in three days of exclusive, off-the-record networking, dialogue sessions, presentations and panels. As we have done in previous DCG Summits (before the event was private to the public), we are sharing our opening remarks, which were presented by DCG's founder and CEO, Barry Silbert, our VP of Investments, Travis Scher, and Director of Development, Casey Taylor.
On Oct 27, 2017, Digital Currency Group hosted its third annual Tech Summit - three days of private events focused on bringing together our network of digital currency and blockchain tech focused founders, investors, and corporate strategics. These are the opening remarks presented by DCG's founder and CEO, Barry Silbert, regarding the progress the bitcoin and blockchain ecosystem over the last year, and what DCG is excited about looking forward. DCG's Investment Associate, Travis Scher, shares his outlook on ICOs and token sales. DCG's Director of Development, Meltem Demirors, highlights growth metrics across the digital currency and blockchain startup ecosystem and shares insights on the evolution of business models and ongoing challenges to startups in the space.
Applying the Howey Test to the DAO Tokens- On July 25, 2017, the SEC issued its Report on an investigation into an ICO and related activities by the DAO, an unincorporated entity, Slock.it UG (“Slock.it”), a German corporation, and various principals and participants. Previously in this Lawcast series I went through the parameters of the Howey Test to determine if a particular investment contract is a “security” under the federal securities laws. I also have detailed the relevant facts related to the DAO and its ICO offering.
Applying the Howey Test to the DAO Tokens, the SEC notes that “money” need not include cash, but rather can be anything of value. A contribution of ETH is an investment of “money” as considered by the Howey Test. Investors in the DAO were investing in a common enterprise with the expectation of profits, including dividends and increased value. The SEC also found that the profits were to be derived from the efforts of others, including Slock.it, its founders and the DAO curators...
Security Tokens: What, How & Why You Would BotherGalen Moore
Slides from my presentation at Blockchain Expo London last week: security tokens vs securities-regulatory compliant ICO, cryptocurrencies vs utility tokens, and why anyone would even bother tying a security to a crypto asset.
Convergence - Where Blockchain Converges With AR / VR / AI / 3d printing / dr...Jamie Burke
Convergence is an private event, hosted by Outlier Ventures, to bring together 25 leading high-tech pioneers from startups around the world to make sparks fly.
We believe blockchain technologies, including distributed ledgers & smart contracts, are the mega-trend that allows all other macro-trends to both scale securely, converge and combine.
They represent the next phase of The Web, Web 3.0 or ‘The Trust Web’, and are going to transform how technologies interact with one another and the World around them.
A Big Look at Bitcoin w/ Philip Gradwell of ChainalysisNomicsCrypto
https://blog.nomics.com/flippening/btc-philip-gradwell-chainalysis/
Slides from Flippening Podcast Episode #79 with Philip Gradwell of Chainalysis
This deck covers:
• Philip’s career before Chainalysis
• His role as Chief Economist at Chainalysis
• How a relatively small group of traders influence Bitcoin’s price
• The percentage of Bitcoin that could be lost forever
• How most Bitcoin (80%) is HODLed long-term
• What is a VASP or virtual asset service provider?
• How Chainalysis ties addresses to particular exchanges
• How law enforcement uses blockchain analytics
• How illicit activity accounts for just 1% of BTC transaction volume
• Bitcoin’s concentration among the top 14 crypto exchanges
• Analyzing blockchains that follow different accounting models
• The role of fiat in the crypto ecosystem
• How Tether became the dominant quote currency in crypto trading
• Using on-chain data to verify reported trading volumes
• Making blockchain analytics intelligible for the next wave of crypto adopters
The Evolving Ecosystem - Bitcoin, Blockchain and Initial Coin Offering (ICO)Rob McIntosh
October 2018 Event:
Technology Leaders of DFW presents an informative discussion led by Denis O'Neil
The Evolving Ecosystem - Bitcoin, Blockchain and Initial Coin Offering (ICO) - how it will be deployed by businesses and governments alike.
ABOUT THE PRESENTER:
Denis O'Neil provides an overview of the history of Bitcoin and the first modern Blockchain that makes Bitcoin possible.
He describes the evolving ecosystem created by this innovation that will ultimately affect every part of our personal and business lives.
He covers the Initial Coin Offering (ICO) and how it will be deployed by businesses and governments alike."
Denis is Community Manager of DisruptHub.IO. He is an ICO Advisor and has been active in the DFW Cryptocurrency community since 2015.
Bitcoin, Block Chain, Cryptocurrency and ICOs: A Legal Perspectiveideatoipo
Block chain, bitcoin and other cryptocurrencies, and ICOs have dominated recent headlines. While excitement continues to grow around this rapidly expanding space, there still seems to be a lot of unanswered questions. Roger Royse, founder of the Royse Law Firm, will discuss the legal issues that may determine the future of these emerging technologies.
Quick Understanding of Bitcoin/Cryptocurrency.Satish Mudaliar
This slide briefs you about the BItcoin/Cryptocurrency knowledge and facts. This slide is made for diffrent purpose but sharing here to help someone getting a quick knowledge of Bitcoins.
Quick Understanding of Bitcoin/Cryptocurrency.Satish Mudaliar
This Slide refers to a quick Understanding of Bitcoin/Cryptocurrency. The purpose to prepare is different but this slide can help ones in better understanding than other presentation.
Whether you are planning for establishing a white label crypto exchange software development company or a centralized trading development in the Middle East, you must know about compliance and taxation outlook in this region. This article will give you a better understanding of legal regulation and taxation in the Middle East.
Bitcoin's market cap could hit $1 trillion in 2021 as its growing reserve currency status drives adoption higher, a cryptocurrency expert says.
In this PANGEA report were provide an insightful perspective on cryptocurrencies, blockchain and the possibility of an emerging new asset class.
Bitstocks was founded in 2014 with an ethos to Educate, Empower and Evolve. Bitstocks Trading Limited our connected Bitcoin ecosystem will enable users to benefit from everyday financial products and services, backed by the power and scale of Bitcoin and other tokens. Bitstocks Trading Limited produces high-quality content around all things bitcoin, fintech and beyond.
For more information, visit bitstocksltd.com or contact James Coughlan, Senior Marketing & PR. Manager on contact@bitstocksltd.com
A presentation on AML & CFT Risks and Opportunities delivered at the Gibraltar Association of Compliance Officers Blockchain & DLT Event on 17 October 2018.
This presentation covers different industry players; what obligations those industry players may have; how to meet those compliance obligations; other key risks and the future of compliance in the cryptocurrency and DLT sector.
How Cryptocurrencies Work was given by Mr Samrand Haji, a Blockchain and Cryptocurrency Enthusiast. He focused on how Crypto systems work and how they are decentralized to develop the security side of the Blockchain system. How to create a personal account for different e-currencies, how the mining process generates new coins and transactions, and the future of cryptocurrencies in the region was also discussed.
How Cryptocurrencies work. The workshop covers the followings:
• What is Cryptocurrency and blockchain?
• Different types of common Cryptocurrency
• How do mining and the whole process work?
• Investing in cryptocurrency
• Future of cryptocurrency in Kurdistan and Iraq
European Payment Summit presentation delivered by Nadja van der Veer of PaymentCounsel and Michael Burtscher of Minerva on 15 March 2018.
The presentation explored current issues around the regulation of cryptocurrencies, focusing on the following topics:
Cryptocleansing: how does it work?
Market concerns & regulatory responses
The road to crytpo licensing: learning from New York
Cryptoplatforms: success through compliance
To receive a copy of this presentation by email please get in touch: hello@minervapartnership.eu
Our very first meeting on blockchain/cryptocurrencies and their strengths, weaknesses, opportunities, threats discussion. This is an introductory meeting held in Switch2Local offices.
Similar to SEC Nigeria Capacity Building Session by Blockchain Nigeria User Group (20)
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Discover how Changi Airport Group (CAG) leverages graph technologies and generative AI to revolutionize their search capabilities. This session delves into the unique search needs of CAG’s diverse passengers and customers, showcasing how graph data structures enhance the accuracy and relevance of AI-generated search results, mitigating the risk of “hallucinations” and improving the overall customer journey.
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
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SEC Nigeria Capacity Building Session by Blockchain Nigeria User Group
1. SEC - NIGERIA CAPACITY
BUILDING SESSION ON
REGULATING INNOVATION
The State of Blockchain & Digital
Financial Assets in Nigeria
www.blockchainnigeria.group www.blockchainusers.org
Presented by: Blockchain Nigeria User Group
2. ABOUT BLOCKCHAIN NIGERIA
USER GROUP
A vibrant group of Blockchain and Cryptocurrency developers,
enthusiasts and investors helping to drive adoption and awareness
of the Blockchain industry in Nigeria and across Africa.
The objective of Blockchain Nigeria User Group (BNUG) is simply to
create a pro-innovation environment for the industry, meeting the
growing global demand for accessible, transparent and democratic
financial and technical systems.
Blockchain Nigeria User Group is a sub-set of Organization of
Blockchain Technology Users (OBTU), an association that desires
Self-Regulatory Organisation (SRO) status for the Blockchain
Industry in Nigeria and across Africa.
2
3. WHAT WE DO
• - Support Policymakers in their need to tackle their challenges in understanding
blockchain, both the functionality and risks of decentralized cryptocurrency, in order to
create an appropriate legal and regulatory framework that will foster the community.
• - Protect Enthusiasts and end users through training, public enlightenment, risks
assessment and fraud alerts.
• - Advocacy for the creation and maintenance of an enabling regulatory environment for
Blockchain Project Development.
• - Identification of Possible use cases for Blockchain Implementation and spur innovative
Startups in that direction.
• - Bridge Talent Gap through capacity building/ Incubation at Blockchain Innovation
Centers (Blockchain Technology Hubs)
• - Hold National Conferences and Regional Summits to raise Blockchain and
Cryptocurrency Awareness.
3
4. BLOCKCHCAIN &
DIGITAL FINANCIAL
ASSETS IN NIGERIA
T H E L A N D S C A P E
SEC - Nigeria CAPACITY BUILDING SESSION ON REGULATING INNOVATION 4
44%
Exchanges/
Financial
Services
35%
Education/
Media &
Advocacy
18%
Supply Chain/
Real Estate/
Consulting
7. ECONOMIC
FUNDAMENTALS DRIVING
THE DEMAND FOR
CRYPTOCURRENCIES IN
NIGERIA.
• The prospect of wealth creation.
• The prospect of solving the long-
standing in-bound and outbound
remittances problems.
• The prospect of using blockchain
technology to leapfrog solutions.
• The prospect of filing the country’s
infrastructure and social innovation
gaps.
COMMON CRYPTOCURRENCY
TRANSACTION ENGAGED BY
NIGERIANS
• OTC (over-the-counter) Cryptocurrency pairs
Trading (Brokering) (Day Trading)
• Exchange of one token for another — for
example, using Ethereum in exchange for
Litecoin or Bitcoin; vice versa.
• Receiving crypto payments in exchange for
products, goods and services or as salary.
• Air drops (typically new product lunch)
• Peer 2 Peer Transaction
• Mining/ minting coins
• Initial Coin Offerings (ICO)
• Lending services, etc.
SEC - Nigeria CAPACITY BUILDING SESSION ON REGULATING INNOVATION 7
8. A BOOMING CRYPTO
INDUSTRY
H I G H T R A D I N G V O L U M E S
Several foreign crypto Exchanges
operating in Nigeria, have a
combined transaction trade
volume exceeding N4 Billion
naira weekly!
8
LOCALBITCOINS.COM, PAXFUL.COM, LUNO.COM
REMITANO.COM, COINCOLA.COM, BINANCE.COM
9. REGULATORY UNCERTAINTY
• Cryptocurrencies & Blockchain Technologies bear a peculiar significance for Nigeria
therefore creates considerable opportunities for both local and foreign investors.
• Government and her agencies has to find a way to intelligently “legalize and regulate”
crypto-businesses so that the industry can thrive.
• There is currently no definitive regulation from the SEC, or CBN on investment in crypto-
businesses or on Initial Coin Offerings (ICOs).
• There is a need to determine whether cryptocurrencies should be classified as
a currency or as a commodity, or whatever. Currently no one has a classification for these
instruments.
• There are also tax considerations that arise from a classification, either way.
• But you cannot Tax what you have not defined. You cannot define what you do not
understand. You cannot understand what you do not know!
9
10. DIGITAL ASSETS
INVESTIGATION &
TAXATION
How Cryptocurrencies are viewed will
determined how they would be taxed.
A classification as a commodity will
take cryptocurrencies out of
the Exclusive Legislative List in the
Nigerian constitution — not being legal
tender- and provide state governments
with the legislative competence to
regulate and TAX cryptocurrencies.
Different countries
view Cryptocurrency in different ways.
In some countries, it is viewed
as Property, Asset, Security, Commodity,
Foreign currency or Barter Items.
Assuming cryptocurrencies be classified
as currency by the Nigeria government,
for instance, then CBN can rightly
exercise regulatory control.
SEC - Nigeria CAPACITY BUILDING SESSION ON REGULATING INNOVATION 10
NAVIGATING REGULATORY
CONCERNS
12. BLOCKCHAIN TECHNOLOGY IN
ACTION
Today, Blockchain technology is helping to improve Nigeria’s funding ecosystem for small
businesses, where the traditional banking system seems to have failed woefully.
SureRemit raised $7m
Kora.Network raised $12
Projects
NIGERIA CUSTOM SERVICE:
The solution is expected to increase NCS revenue by approximately 50%. It will also help
build global trust for Nigerian businesses through irrefutable data on goods manufactured
in the country. It’s the first know public sector blockchain deployment in Africa.
INTERSWITCH & MICROSOFT DLT FOR SUPPLY CHAIN
12
13. SEC - Nigeria CAPACITY BUILDING SESSION ON REGULATING INNOVATION
THE NATION AWAITS
13
The Blockchain and Cryptocurrency communities across Nigeria are expecting the relevant
agencies to make pronouncements regarding:
• Security standards,
• Customer service standards,
• Risk management standards,
• Standards for deployment of cryptocurrencies, and issuing ICOs, STO etc.
• Industry-specific AML/CFT/ KYC,
• Privacy issues,
• Inward and outward remittances,
• Exchange rate regulation,
• A clear and UNAMBIGUOUS definition of ‘cryptocurrency’,
• A clear delimitation of crypto-activities that are subject to regulation,
• Decentralized and centralized repositories.
14. SEC - Nigeria CAPACITY BUILDING SESSION ON REGULATING INNOVATION
ADEDEJI OWONIBI
IS THE SENIOR PARTNER - FINANCIAL FORENSICS AND
DIGITAL CURRENCY GOVERNANCE/ INVESTIGATIONS
AT A&D FORENSICS LLC.
14
Digital Financial Assets Risks, Investigation and Forensics in
Nigeria.
To be handled by Adedeji Owonibi
Advisory Board Member (OBTU)
10 mins -Max
15. DIGITAL FINANCIAL ASSETS RISKS
ANTI-MONEY LAUNDERING AND COUNTERING
FINANCING OF TERRORISM
• Crypto Asset activities raise significant regulatory concerns for regulatory authorities and
law enforcement agencies worldwide, particularly in relation to Money Laundering (“ML”)
and Financing of Terrorism (“TF”). International bodies, such as the International Monetary
Fund, the Financial Action Task Force (“FATF”), the Bank for International Settlements and
the International Organisation for Securities Commissions (“IOSCO”), have issued different
Digital Asset (including Crypto Asset and ICO) warnings to investors and market participants
advising of the significant risks, including ML and TF risks, and the possibility of Digital
Assets being used for illegal purposes.
15
• DIGITAL ASSET ANONYMITY/PSEUDONYMITY
• EASY CROSS BORDER TRANSFER/PAYMENTS/ TAX EVASION
• DARKNET TRANSACTION
• FRAUDULENT PUBLIC OFFERS (ICOs) ETC.
17. DIGITAL FINANCIAL ASSETS RISKS
DARKNET OPERATIONS
17
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Pivx Cloak Komodo NavCoin
AlphaBay, Hansa closed, Hydra opens in Russia, Deep Dot Web
18. DIGITAL FINANCIAL ASSETS RISKS
ICO EXIT SCAMS
18
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$3M Frozen from Pure Bit Exit Scam in South Korea, Founder Apologized
Pincoin ICO iFan Exit Scam Steals $660 Million from Vietnamese Investors – 48% monthly return
BitConnect Promoter Arrested in Dubai on Suspicion of milking Cryptocurrency Investors Out Of
Millions Of Rupees $14.5 with a promised 1% daily return
MapleChange – $6M 912 btc Exit Scam “Due to a bug, We cannot refund anything and are closing down,
including all our social media”
Sky Mining – $35M Lost in Vietnam Mining scam – Founder disappeared
NIGERIA: TAS MINER ($100 daily return), 2 Bitcoins in Poverty Alleviation Random Email Address Ballot (PAREAB), BITCOIN
GENERATOR (Double Bitcoin after 100, 50 or 24hrs), The Billion Coin (TBC)
19. 19
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DIGITAL FINANCIAL ASSETS RISKS
INVESTIGATION – HOW WE DO IT
20. SEC - Nigeria CAPACITY BUILDING SESSION ON REGULATING INNOVATION
BOULEVARD ALADETOYINBO
SECURITY TOKEN/ STO/ ICO/ IEO/ TGE LEGAL ADVISOR,
FOUNDING PARTNER AT LEX FUTURUS GROUP, LLC., A
FULL-FLEDGED BLOCKCHAIN TECH LAW FIRM.
20
Navigating Regulatory & Policy Concerns in Nigeria’s
Blockchain & Cryptocurrency Ecosystem
To be handled by
Boulevard A. Aladetoyinbo
Advisory Board Member (OBTU)
10 mins -Max
21. IN NAVIGATING THE REGULATORY AND POLICY
CONCERNS REGARDING BLOCKCHAIN AND
CRYPTOCURRENCY IN NIGERIA
21
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SEC has to;
• Follow examples from other jurisdictions on how they deal with crypto-asset regulation.
• Embark wholesale on a stakeholder industry consultation exercise.
• Do more education, awareness, enlightenment, and capacity building as it is being done here
today.
• Define and taxonomize the crypto-asset class in a guideline/guide/guidance. What are crypto-
assets? How can they be registered and regulated?
• Register and regulate Crypto-assets Trading Platforms (CTPs)/Trading Venues(TVs).
• Apply the extant securities regulation in the short term, but adopt a functional approach, where
new issues are encountered, because of the peculiar nature of the blockchain/DLT atop which
crypto-assets issue, list, trade, settle, clear and custody.
22. IN NAVIGATING THE REGULATORY AND POLICY
CONCERNS REGARDING BLOCKCHAIN AND
CRYPTOCURRENCY IN NIGERIA
22
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• Measures to instil confidence, preserve market integrity, protect crypto-asset investors, create &
sustain liquidity events should be put in place.
• Having regulatory remit over national, public currency operation system, the CBN should take the
lead, so that the SEC will follow:
CBN
• Like many of its central bank counterparts, it should do a DLT PoC to determine whether or not it
wants to introduce a CBDC or simply take a stand, so that the emerging crypto-asset investor
ecosystem can begin to burgeon, knowing that it is government-backed & thus protected, and
that there are regulatory clarity and certainty.