Crypto Regulation to Protect Investor Not Stifle Business

The Securities and Exchange Commission (SEC) recently proposed rules to regulate Nigeria’s digital assets sector. The proposed new set of regulations will regulate Crypto-token or Crypto Investments when the character of the investments qualifies as securities transactions.

The position of the Commission is that virtual crypto assets are securities unless proven otherwise. Though the SEC’s statement says their motive to regulate the sector is to improve investors’ protection, not stifling businesses, and speak on the directives, Emomotimi Agama, SEC head of registration exchanges market infrastructure and innovation. The first thing the SEC bothers about is investor protection.

“This is no different from what we have been doing. We are looking at investor protection, integrity transparency, and of course, we want to make sure that the market is safe and everyone is comfortable with what is going on in the investment climate.”

Agama said the Commission launched the Fintech road map and Blockchain virtual financial assets in the digital space.

“These committees are both market-wide and principally done to engage the market to be able to have a discussion with the market and get their buy-in into what we are doing, he explained. What we found out today is that a lot of youths are involved in this space of digital assets, and it is important that even as far as that is the case, the SEC lives up to the expectations and making sure that those people that are getting into it are protected.”

Clearly, that is our aim, and the market is part of this, and indeed the feedback has been excellent.

People are happy with what we are doing, providing some clarity as to where we stand in terms of digital assets regulation.

“Digital assets are the next thing our idea is not to stifle innovations but to promote innovations within a reasonable space, and that is what we intend doing. Section 13 of the ISA empowered us to do this, so we are doing what we have been empowered to do. By-law”

– Agama said the Commission is working with the Cambridge Center for Alternative Finance (CCAF), World Bank, and other institutions to meet the fast-changing financial world’s challenges.

However, this statement came from the committee after some sections of Groups criticize the Commission of trying to sabotage the one area several numbers of Nigerian youth are making ends meal. Amid the health crisis that has seen its economy plunge due to crude oil price drop globally. That has seen several people jobless, especially the youth who are the most affected unemployed population in Nigeria.

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