The Securities and Exchange Commission, SEC, has said it is taking steps to eliminate illegal trading activities in the virtual assets space. The Commission stated this after its virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria, BICCoN.
This was revealed by the acting Director-General, SEC Dr. Emomotimi Agama, at a meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN).
BICCoN announced the Commission’s commitment to upholding the integrity of the capital market. And also to safeguarding the interests of all investors.
Speaking at the meeting, Agama said, “The Commission has come as a partner to seek collaboration in making sure that the capital market community is one that is respected globally for decency and fair play.”
He indicated that recent concerns regarding crypto peer-to-peer (P2P) traders and their perceived impact on the exchange rate of the Naira has called for collective action and dialogue within the financial market ecosystem.
Agama, however, reassured stakeholders that the SEC is working to establish guidelines that will accommodate the industry. He pointed that these guidelines are currently being refined with input from various stakeholders. And when concluded will cover activities within the cryptocurrency ecosystem. Such as, wallet providers, digital asset custodians, fund managers, and cryptocurrency exchange platform providers.
The acting DG, however, expressed his desire for an innovative digital asset regulatory regime. A regime that will position Nigeria as Africa’s Digital Asset Powerhouse. He, therefore, emphasized the importance of striking the right balance between encouraging innovation and safeguarding national economic interests.
Agama added, “Manipulations and all forms of activities that undermine our national interest would not be acceptable.”
The acting DG further thanked the leadership of the BICCoN. He assured them of the SEC’s readiness to work closely with all stakeholders in the cryptocurrency ecosystem to create a better country for everyone.
He, therefore, emphasized the importance of collaboration and cooperation in addressing the challenges faced by the industry. The acting DG stated, “Your insights and suggestions are invaluable as we seek to navigate these complexities together.”
Agama also used the occasion to urge participants in the crypto space to be patriotic in their dealings. He said they should be “patriotic enough to name and shame those that are involved in disrupting the markets negatively.” He, therefore, called for the delisting of the Naira from P2P platforms to prevent manipulation.
In his remark the Chairman of the Fintech Association of Nigeria, Dr. Babatunde Oghenobruche Obrimah, applauded SEC DG. He praised his bold steps and expressed his organization’s commitment to supporting the SEC’s efforts to clean up the virtual ecosystem.
Meanwhile, BICCoN requested the establishment of a working group. It stated that this would help to address the challenges facing the crypto space and propel the market forward.
source: The Nation
