NIGERIA ONLINE Nigeria’s SEC eyes regulations to protect investors’ crypto investments 12 months ago Iwo Bulski Post Views: 263 Nigeria’s securities regulator has set up a fintech division to study crypto investments and products in order to come up with regulations, the head of the country’s Securities and Exchange Commission (SEC) said on Thursday. “We are looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain,” – SEC Director General Lamido Yuguda told Reuters in a virtual interview in Abuja. He did not provide a time frame for issuing regulations but said the SEC will step in with regulations once crypto is allowed within the Nigerian banking system. The SEC has sought to regulate crypto on the grounds that they qualify as securities transactions. Nigeria is one of the biggest markets for crypto trading, but the central bank banned lenders in February from transacting or facilitating deals in cryptocurrencies. The use of bitcoin, the original and biggest cryptocurrency, has boomed in Nigeria in recent years, driven by payments from small businesses and a weakening naira currency, which makes it difficult to get the U.S. dollars needed to import goods or services. Yuguda said the commission has been in talks with the central bank, part of which led to the launch of the country’s digital currency, e-naira. The commission is seeking to work with fintech firms to boost the marketing of domestic securities to prevent capital flight. The central bank this month blocked the accounts of six firms for allegedly sourcing funds from illegal foreign exchange operators to buy foreign securities and cryptocurrencies. He said the SEC is looking to boost savings through investment schemes, which currently have over 4 trillion naira ($9.7 billion) under management split between public and private fund managers. Yuguda said the regulator has asked private managers to put in place custody arrangements to protect investors. Source: naija247news.com About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: crypto, naira currency, Nigeria Continue Reading Previous Manual for sports betting top betting sites in NigeriaNext Planned Nigerian e-naira discourages cryptocurrency investors More Stories ONLINE WORLD NEWS Slotegrator will take part in the Sigma Balkans & CIS Summit 2 days ago Iwo Bulski GHANA ONLINE Kenya and Ghana are front-lining the global mobile money market 2 days ago Samuel ONLINE UGANDA The Contextual Analysis of Social Media in Uganda 3 days ago Szarlot BETTING NIGERIA All About Cricket Betting 4 days ago Iwo Bulski ONLINE WORLD NEWS AstroPay Seeks to Bolster Growth with Affiliate Program 4 days ago Samuel ONLINE WORLD NEWS 4 sales-boosting modules from Slotegrator’s new platform 2 weeks ago Iwo Bulski KENYA ONLINE The influencers paid to push hashtags 2 weeks ago Iwo Bulski EXPERTS NIGERIA SBWA + 2022 Summit this week in Nigeria 2 weeks ago Iwo Bulski EXPERTS NIGERIA Money laundering: ECOWAS agency fingers Nigerian casinos 2 weeks ago Iwo Bulski NIGERIA ONLINE BGaming develops compression algorithm to cut game loading time 2 weeks ago Iwo Bulski ONLINE SOUTH AFRICA Africa Records a High Number of Gamers 2 weeks ago Iwo Bulski ONLINE WORLD NEWS Keep VIP programs compliant with the right bonus module 3 weeks ago Iwo Bulski Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.