The Securities and Exchange Commission has stated that it will act decisively to maintain the integrity of the capital market and protect the interests of investors.
During a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria, Dr Emomotimi Agama, the Acting Director-General of the SEC, emphasized the agency's commitment to addressing negative issues that threaten national interest and seeking collaboration to ensure global respect for decency and fair play in the capital market community.
Agama highlighted the authority's readiness to utilize its powers to handle issues detrimental to national interest, emphasizing the importance of collaboration to maintain the integrity and fairness of the capital market community.
The recent concerns about crypto Peer-to-Peer traders and their potential impact on the Naira's exchange rate have emphasized the need for collective action and dialogue within the financial market ecosystem, as per the SEC boss.
According to Agama, the SEC is working to establish regulatory guidelines for digital assets, ensuring compliance with the Investments and Securities Act 2007 and addressing the need for specific digital asset regulatory regimes.
The proposed regulatory guidelines aim to encompass various activities within the cryptocurrency ecosystem and ensure proper regulation and support for every Nigerian involved, as per the DG.
The DG expressed the aim of establishing an innovative digital asset regulatory regime to position Nigeria as Africa’s digital asset powerhouse, emphasizing the need to balance innovation encouragement with safeguarding national economic interests.
The SEC seeks to encourage the development of a market by addressing concerns related to activities that undermine national interest and Section 13 of the ISA which speaks to the regulation of all capital market activities.
Agama thanked the leadership of the Blockchain Industry Coordinating Committee of Nigeria and assured them of the SEC's readiness to collaborate with all stakeholders in the cryptocurrency ecosystem.
The person said they understand the industry and cryptocurrency, and they know that working together to solve challenges is important. They want the insights and suggestions of others as they navigate these complexities. They need support just as much as others need their support.
Agama said that one thing to do is to remove the naira from the P2P space to prevent manipulation. They also urged people in the crypto space to expose those disrupting the markets negatively.
The person wants to ask for cooperation in dealing with this as they introduce regulations to control these areas. They want to make sure that the management will quickly license people or institutions that need to register with the SEC. They promised to give guidance and make the processes easier.
The Chairman of the Fintech Association of Nigeria commended the Director General for his bold steps and the relationship with the ecosystem. They promised to work with the DG and provide support to help him succeed in cleaning up the virtual ecosystem.
BICCoN asked for the creation of a working group to address the challenges facing the crypto space and to move the market forward.
