Regulation
Senate seeks to regulate cryptocurrencies
The Senate Financial Markets Committee on Monday called for regulation of cryptocurrencies to ensure some level of accountability and protection of investors’ funds.
Chairman of the committee, Senator Osita Izunaso, said this while briefing journalists in Abuja after the committee examined behind closed doors Dr Emomotimi Agama, the new Director General of the Securities and Exchange Commission, and three executive commissioners.
“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?
“You can’t stop them from trading in the crypto market. So since we can’t stop them, you have to regulate them,” he said.
He also said investing in the stock market and capital market would help boost Nigeria’s economy.
Izunaso added that “President Bola Tinubu has told Nigerians that he is looking for a trillion naira economy. This can only be done through the stock exchange, the capital market.
“And I think we’re going to see more government activity in the stock market, capital markets, commodity exchanges and crypto.
“It’s because these are the areas that will inject more money into the system,” saying “because the problem we have is liquidity, we don’t have enough money, we don’t have not enough liquidity in the system.” »
He added: “This is what crushes the naira and makes it so small when it competes with other currencies. But if we develop our capital market and our crypto market, we will bring more liquidity into the system.
“This will help alleviate any issues we have.”
Agama also promised to accelerate capital market development so as to boost wealth creation, attract investments and create jobs for Nigerians.
“We integrate innovation and development. We will change the narrative of the Nigerian capital market.
“We are going to turn things around. This is the essence of our appointment by President Bola Tinubu. With this team, we assure Nigerians that we will do our best whatever the President wants to do.
“So we should all wait and see what happens.” We want to grow this market. And to help achieve the President’s Trillion Naira Economy in the shortest possible time,” he said.
Speaking further, he said: “Yes, the president is going to serve his one-year term in a few days. This is remarkable because as a birthday, the President has given us Nigerians the task of doing our best to change the market,”
Agama also said the commission would introduce innovative programs that would create world-class businesses in a way that ensures wealth redistribution.
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