Key Points:
The SEC’s Chief Executive Officer, Emomotimi Agama, said the commission would do everything within its powers to protect investors by ensuring “adequate” compliance with set rules by market operators. According to Nairametrics, as much as the SEC appreciates technology, innovation, and the emergence and growth of the crypto market, it is equally committed to ensuring that the regulations are sound enough to ward off all forms of non-compliance.
Read more: Nigerian Crypto Transactions Get a Big Boost With Government Backing
In perhaps the biggest step toward regulating the crypto space in Nigeria, the country’s SEC granted “in-principle approval” for two cryptocurrency exchanges, Quidax and Busha, sometime this year. That would make the respective platforms the first in the country to get such formal recognition from the SEC, hence a landmark for the country’s approach toward regulating digital currencies.
Agama further explained that the Nigerian SEC’s regulatory regime will contain strong provisions, like anti-money laundering and combating the financing of terrorism, to deal with any looming risk in crypto transactions. A more regulatory approach is thus intended toward market integrity and investor protection, considering that Nigeria’s cryptocurrency market is likely to be valued at USD 52.5 million by 2028.
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