Experts have stressed the need for better collaboration among Decentralised Finance (DeFi), Centralised Finance (CeFi) and Traditional Finance (TradFi), where innovators and regulators work together to maximise the opportunities blockchain provides and minimise the risks.
They also emphasised the need for constant development of the blockchain sector, which would transcend into economic growth.
This was disclosed at the first ever Peer to Peer (P2P) conference, a blockchain conference organised by the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), themed, ‘CeFi, DeFi, and TradFi: Is there a need for convergence in the current divergence?’
The conference, held in Lagos, featured keynote addresses, panel discussions, fireside chats, presentations, awards, and other activities.
The discussants explained that crypto exchanges and Virtual Asset Service Providers (VASPs) are ready to partner with regulators and the government towards ensuring a safe financial system since most crypto exchanges and VASPs are already compliant with AML/CFT regulations.
President, SiBAN, Senator Ihenyen, explained that organisation is a self-regulatory body founded by stakeholders in Nigeria’s emerging blockchain industry to support players in the space; educating users and members of the public about the blockchain technology; promoting adoption by both private and public bodies; ensuring consumer protection and safeguards against scams; and working with regulators to help maximise the untapped potentials of the blockchain, while also minimising risks.
He noted that SiBAN also works with industry leaders and policymakers to support the growth of Nigeria’s digital economy. SiBAN promotes blockchain awareness, adoption, and advice towards encouraging a regulatory climate that supports innovators, protects consumers, and benefits the nation.
Ihenyen, also launched the new SiBAN Ecosystem, which comprises seven arms, cutting across blockchain education, research, charity and innovation.