The Network of Blockchain Solutions Advocates Association (NOBSAA) has welcomed President Bola Ahmed Tinubu’s directive to track stablecoins and cryptocurrencies but stressed that its success will depend on how it is implemented.

In a statement on Tuesday, NOBSAA President, Kingsley Ugochukwu Ekwuruke, said the directive was a positive signal that Nigeria is paying attention to the digital asset economy but warned against a “police-and-thief” approach that could drive operators offshore.

He noted that punitive tactics could intimidate operators, making tracking more difficult and causing the country to lose jobs, tax revenues, and foreign investment. Instead, he called for a clear regulatory framework that encourages transparency and attracts legitimate blockchain businesses to operate locally.

Ekwuruke said the Nigerian Financial Intelligence Unit’s (NFIU) goAML platform should be leveraged as an existing infrastructure for compliance and monitoring rather than duplicating efforts or creating hostile rules.

He added that Nigeria should license and mandate Virtual Asset Service Providers (VASPs) to integrate into the goAML system, adopt standardized reporting requirements in line with FATF guidelines, build regulator capacity to interpret blockchain financial intelligence, and collaborate with the industry to ensure practical, innovation-friendly rules.

According to him, adopting a strategic regulatory approach would reduce illicit financial flows, improve transparency, create jobs, and position Nigeria as a leader in blockchain and Web3 innovation.

NOBSAA reaffirmed its readiness to collaborate with the Presidency, regulators, and private stakeholders to develop a framework that balances national security concerns with innovation.