Regulation
Senate committee calls for regulation of cryptocurrencies in Nigeria
The Nigerian Senate Committee on Capital Markets has called for the regulation of cryptocurrency trading in the country. Senator Osita Izunaso, Chairman of the committee, made the statement after a meeting with Dr. Emomotimi Agama, the new Director General of the Securities and Exchange Commission (SEC).
“The issue of cryptocurrencies needs to be regulated because Nigerians are trading cryptocurrencies.
“Since Nigerians are trading crypto, why don’t we regulate it? Where does the money go if we don’t regulate activities in the crypto market? He added
Senator Izunaso pointed out that many Nigerians trade bitcoin and other cryptocurrencies. The committee chairman highlighted the positive opportunities available to the stock and financial markets to boost Nigeria’s economy.
According to him, increased central government involvement in these sectors, including crypto, will broaden the liquidity base, thereby improving Naira. The new Director General of the SEC, Dr. Agama, also affirmed this and promised to intensify the growth of the capital market to attract investments, thereby creating employment opportunities.
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