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Nigeria: SEC Should Regulate Crypto Market

Nigerian Finance and Economy Minister Wale Edun has asked the country’s Securities and Exchange Commission (SEC) to address “the complexities of cryptocurrency regulation.” report local media citing the politician’s statement.

“The SEC must be prepared to take on the challenge of regulating cryptocurrencies and ensure strict oversight to maintain the integrity of the capital market,” Edun said.

Nigeria’s finance minister has warned that crypto companies may be misrepresenting their licenses or registrations, undermining the integrity of the market. He stressed the importance of the regulator’s work amid the rapid advancement of artificial intelligence, virtual assets and the country’s overall digitalization.

“The financial sector is evolving rapidly. To provide the necessary approvals and guidance, the SEC must remain informed and adaptive,” said Wale Edun.

The minister called on the members of the newly formed council to adhere to the best global practices and market regulation strategies in their work. In response to the statement, SEC Board Chair Mairiga Katuka assured that the team would use its collective experience and enthusiasm to achieve the set goals.

In particular, Katuka expressed optimism about Nigeria’s economic prospects, stressing that the board would help build a sustainable financial ecosystem in the country.

On April 19, 2024, Nigerian President Bola Tinubu approved a new seven-member SEC board. Following this, the regulator amended its rules for issuing and storing cryptocurrencies. They are designed to improve the regulatory environment, making it comprehensive and responsive to the complexities of the digital asset market, the document says.

In May, it became known that Nigerian fintech companies began blocking user accounts due to cryptocurrency transactions.

It should be noted that the country is the leader in terms of interest in Bitcoin. It has surpassed El Salvador, where the first cryptocurrency was recognized as a means of payment.

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Source: Cryptocurrency

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