DCC Calls for Regulation of Digital Currency Ecosystem
Emma Okonji
The Digital Currency Coalition (DCC), Africa’s premier consortium of crypto asset practitioners, blockchain innovators, and founders, has stressed the need for the regulation of digital currency ecosystem, while commending the Nigerian government’s participation at the just concluded 18th G20 Summit in New Delhi, India.
According to a statement from DCC, “We appreciate 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.
DCC wants to affirm 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. DCC 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.”
The statement further said: “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. We also extend our warmest wishes to the Nigerian government and delegates participating at the UN General Assembly in New York. We wish the Nigerian delegation fruitful deliberation that benefits the nation and the digital currency ecosystem.”
