1 Legal and enforcement framework
1.1 What general regulatory regimes and issues should blockchain developers consider when building the governance framework for the operation of blockchain/distributed ledger technology protocols?
When building a governance framework, blockchain developers should consider two primary goals:
- maximising the strengths and opportunities associated with the framework, in light of the primary goal of the protocol; and
- minimising the risks and threats associated with the framework, in light of the general regulatory regimes and issues.
These general regulatory regimes and issues include the following.
General laws and regulations: Nigeria has no specific legislation or regulations on blockchain/distributed ledger technology (DLT). However, certain existing laws and regulations generally apply to a number of blockchain/DLT applications across various industries.
