The Securities and Exchange Commission (SEC) on Thursday said it has commenced discussions with the Central Bank of Nigeria (CBN) on how to regulate the cryptocurrency market in the country.
The SEC Director-General, Mr Lamido Yuguda, at a press briefing at the end of the Capital Market Committee meeting, said the commission was aware of the developments in the crypto asset space.
He promised to continuously engage with the players in the financial technology industry and support them to operate lawfully in a bid to ensure the delivery of safe products and services without stifling innovation.
Commenting on a recent circular was issued by the commission, he expressed the desire of the commission to ensure that only fit and proper persons continued to operate in the capital market.
“It became imperative for the commission to issue this notice for the protection of investors and to preserve the sanctity of the Nigerian capital market as only registered capital market operators are permitted to intermediate in the Nigerian capital market and only through approved channels,” he said in a press briefing at the end of the Capital Market Committee meeting.
READ ALSO: FG Printed N60bn, Obaseki Insists
He said, “We do not want any unregulated entity to participate in the market because if there are issues, it becomes very difficult to resolve. I therefore encourage fintech firms to approach the commission for due registration and desist from operating illegally.
He called on registered Capital Market Operators (CMO) to stop providing any form of support to unregistered fintechs operating unlawfully within the market, saying such action would not be condoned.
“Furthermore, we urge CMOs to improve on their level of compliance, timeliness and correctness of disclosures and other filings made to the commission,” Yuguda added.
