Regulation
Nigeria’s Finance Minister Calls on SEC to Regulate Cryptocurrency
Nigerian Finance Minister and economist, Wale Edun, has urged members of the recently inaugurated board of the Nigerian Securities and Exchange Commission (SEC) to focus on regulating cryptocurrencies and maintaining the integrity of the financial market.
Speaking at the inauguration of the board in Abuja on Monday, Edun said it was important to address the complexity associated with the rapidly changing financial sector.
“The SEC board should be prepared to accept the challenge of regulating these new areas, particularly crypto, because they are complex and rapidly evolving areas,” he said. declared.
The minister warned against regulatory arbitrage, where companies would take advantage of minimum registration requirements to claim fake licenses. He also stressed the importance of maintaining high standards of corporate governance and transparency.
Ensure best-in-class corporate governance practices, promptly identify and disclose conflicts, and adhere to global best practices.
While highlighting the rapid growth of the financial sector, Edun noted the growing intersection between finance and technology. He stressed the need for the SEC to stay informed and adapt to innovative changes in the areas of fintech, artificial intelligence and digital currencies.
In response, the new Chairman of the SEC Board, Mairiga Katuka, assured the Minister that the Board would use its collective expertise to drive the growth of the Nigerian capital market.
Katuka expressed a positive view of the country’s economic future, citing recent government reforms aimed at managing inflation, strengthening social protection and improving private sector development.
Read also : Nigeria Unveils Plan to Create Its Own Blockchain Technology ‘Nigeria’