LAGOS, Nigeria (VOICE OF NAIJA) – As the war on cryptocurrency platforms continues to extend across various sector the Securities and Exchange Commission (SEC) reiterated its commitment in ensuring the integrity of the capital market and, protect all investors interests on Monday.
The Acting Director-General of the SEC Nigeria, Dr. Emomotimi Agama, stated this whilst in a virtual meeting with critical blockchain, cryptocurrency and virtual assets stakeholders in the country.
Agama stated that the body would ensure to continue its surveillance as mandated within the law to handle issues that stand to bring disorderliness to the capital market and of national interest.
He added that the commission has come to seek collaborative effort with the Blockchain Industry Coordinating Committee of Nigeria, the umbrella body of all major blockchain and cryptocurrency Associations in Nigeria, saying that the Tinubu-led government is ready to invest in talented youths in the blockchain and crypto communities, to ensure the capital market is safe and respected globally.
The SEC boss reminded the stakeholders on the recent effect of the P2P crypto traders on the Naira, which has become necessary for the government to take action in ensuring the market is stabilise.
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He said: “There are basic practices as enshrined in the Investments and Securities Act 2007 and we expect that everyone will abide by those rules. However, for specific digital asset regulatory regimes that many have been calling for, we want to assure you that we are working tirelessly to establish an accommodating regulatory guideline for digital assets.”
The DG stated that the proposed regulatory guidelines which are currently being fine-tuned with suggestions by various stakeholders, will encompass various activities within the cryptocurrency ecosystem ensuring that every Nigerian playing within the industry with the potential to contribute to economic progress is included, supported and properly regulated.
“I am poised for an innovative digital asset regulatory regime that will sustain Nigeria as Africa’s digital asset powerhouse with diverse solutions like Real World Asset Tokenization that will drive wealth and catalyse our capital market. We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result”.
“We have a great market ahead of us and we have the talents and the people to make the market great. Mr President is concerned about the teeming youths involved in this space and would encourage them to do the right thing and develop an ecosystem that we all will be proud of. It becomes necessary that we do what is right. Manipulations and all forms of activities that undermine our national interest would not be acceptable. It is therefore very important that we know that the SEC by virtue of Section 13 of the ISA speaks to the regulation of all capital market activities.”
The DG further assured the stakeholders of readiness to work with them to ensure the crypto market becomes valuable and reliable.
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“With our deep understanding of this industry and the cryptocurrency sub-sector, we recognize the importance of collaboration and cooperation in addressing the challenges we face; hence your insights and suggestions are invaluable as we seek to navigate these complexities together. We need your support as much as you need ours,” he stated.
Agama stated that one of the things that need to be done is delisting the naira from the P2P space to avoid the level of manipulation that is currently happening enjoining participants in the crypto space to be patriotic enough to name and shame those that are involved in disrupting the markets negatively.
Agama asserted that the naira would be demister from the P2P trading method to avoid the current manipulations in the crypto space sabotaging the naira in the forex market.
“I want to seek your co-operation in dealing with this as we roll out in the coming days the regulations that would take control of these areas. We want to ensure that this management will ensure that people or institutions that require registration with the SEC are quickly licenced. We assure you that we will give guidance when necessary and do well to streamline the processes to make it less difficult.
In his remarks, the Chairman of the Fintech Association of Nigeria Dr. Babatunde Obrimah commended the Director General for his bold steps and the relationship with the ecosystem and pledged their commitment to work with the DG and granted him all the support that will help him succeed in sanitizing the virtual ecosystem.
The crypto body BICCoN, acknowledged the government approach and requested to set up a team of experts to assess the challenges that can move the crypto market forward.
Punch