SEC Chairman Emomotimi Agama said that the department of the department is designed to teach schoolchildren and students the basic principles of blockchain work and ways to detect fraud with cryptocurrencies. Also, industry participants will be able to tell young investors about the possibilities of long -term investment in crypto assets.
Agama said that SEC seeks to develop responsible innovations and protect crypto -investors. Therefore, the regulator improves the procedure for licensing of industry companies so that this process becomes more transparent and is based on risk assessment. This implies the introduction of multi -level licenses for suppliers of virtual assets services (VASP), optimizing the deadlines for submitting applications for licenses and the implementation of automated monitoring for compliance with regulatory requirements. The purpose of the SEC is to attract reliable service operators to the market and exclude unscrupulous participants, Agam emphasized.
The agency is also actively working on the creation of rules for stablecoins tied to the Nigerian Nayra. They must be fully provided with reserves and regularly pass the audit by independent companies. Then such stablecoins can be used for international trade, payments and programmable financing. The creation of such a structure will allow digital assets to become part of the economy, and not only to be used for speculation, the chairman of SEC added.
Recently, the Nigerian SEC warned investors about the Punisher Coin (pun) memcorana, whose issues did not receive a license to work in the country. In April, Nigeria recognized cryptocurrencies securities.
Source: Bits
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