According to the Securities and Exchange Commission (SEC), Naira listings on peer-to-peer (P2P) cryptocurrency platforms must be removed. At a virtual meeting with blockchain stakeholders on Monday in Abuja, Dr. Emomotimi Agama, the acting Director-General of the SEC, made this statement.
The direct exchange of an asset, such as virtual money, between private individuals without the intervention of a central authority is referred to as peer-to-peer. The main motivation for the development of the most popular cryptocurrency, Bitcoin, was strictly peer-to-peer financial exchange.
According to Agama, the current worries about cryptocurrency P2P traders and how they can affect the Naira’s exchange rate have highlighted the necessity of group efforts and communication within the financial industry ecosystem.
He said the move was to avoid the level of manipulation currently happening in the crypto space. Agama, however, enjoined participants in the crypto space to name and shame those involved in disrupting the market negatively.
”SEC will not hesitate to utilise all the powers within its mandate to handle issues that are negative and pose a threat to national interest.
”The commission has come as a partner to seek collaboration in making sure that the capital market community is respected globally for decency and fair play.
”For specific Digital Asset regulatory regime that many have been calling for, we want to assure you that we are working tirelessly to establish an accommodating regulatory guideline for digital assets.
”SEC as your regulator is desirous to work with you by providing a level of assurance that is needed by all that are operating within the rules of the market,” he said.
Agama said that the proposed regulatory guidelines would include all cryptocurrency ecosystems ranging from wallet providers, digital asset custodians and fund managers and cryptocurrency crowdfunding, among others.
Agama assured the Blockchain Industry Coordinating Committee of Nigeria of the commission’s readiness to work with all stakeholders in the cryptocurrency ecosystem.
The Chairman of the Fintech Association of Nigeria, Dr Babatunde Obrimah, pledged their commitment to work with SEC and to grant the commission the support needed to sanitise the virtual ecosystem. He called on SEC to set up a working group to tackle various challenges facing the crypto space to move the market forward.
