Regulation
Nigeria plans new measures to regulate crypto platforms
The Director General of the Securities Exchange Commission revealed the move during a recent interactive session with the Nigerian blockchain industry.
The Nigerian Securities and Exchange Commission (SEC) has revealed measures to crack down on crypto activities in the country, including the removal of the naira from all peer-to-peer (P2P) platforms, to reduce manipulation of the value of the local currency in the foreign exchange market.
Emomotimi Agama, Director General of the SEC, announced the move during an interactive session with the Nigerian blockchain industry, noting that the move is expected to be part of a series of laws that will be implemented within days. come.
The Blockchain Industry Coordination Committee collaborated with the SEC to organize an interactive session titled “Relevant Issues and Charting a Progressive Course for Crypto Regulation in Nigeria”.
According to Agama, this is one of the steps that need to be taken to safeguard the cryptocurrency space.
“Removing the naira from P2P networks will help prevent the level of manipulation that is currently happening. I need your help to resolve this issue as we implement regulations in the coming days,” he said. declared.
During the session, Agama informed ecosystem stakeholders that the commission is ready to work with everyone.
He said the commission is modifying its standards in a bid to ensure best practices.
The SEC Director General lamented how some market participants were manipulating the value of the naira, which is why the agency “is seeking collaboration and assistance to ensure that the crypto environment is respected at scale world”.
Agama’s remark follows a recent instruction from the Central Bank of Nigeria to fintechs, which asked them to advise their customers against engaging in cryptocurrency transactions.
The Nigerian government has not provided detailed details on how the delisting procedure will be carried out or what alternative methods will be implemented for cryptocurrency activity. However, the following days could see the birth of regulation on cryptocurrencies in Nigeria.