Guest Join UsHey Guest,
Welcome, Join our awesome community where you can discuss on various topics :-
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Much More.. or Create an Account


{myadvertisements[zone_1]}
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored
#1
Quote:Timi Agama, head of registration, exchanges, market infrastructure and innovation department of SEC, was speaking at a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, on Sunday.

The Central Bank of Nigeria (CBN) had asked commercial banks to block accounts of cryptocurrency traders in their systems.

After the directive, Nigerians took to social media to condemn the decision.

NAN quotes Agama as saying cryptocurrency is a $2 trillion market that cannot be ignored.

He said the world cannot be moving forward while Nigeria remains static.

Agama said although SEC or the capital market would not accommodate or encourage any fraudulent practices that allowed for money laundering, cryptocurrency is a market worth looking into.

“There is a lot of investment move into the cryptocurrency market and the tendency is that it will reduce the amount of investments in the stock market. Part of the desire of the SEC even in the future is to provide a regulatory framework that will take care of all these challenges that we have seen internationally and the entire world is grappling with in terms of cryptocurrency and digital assets,” he said.

“For us at SEC and capital market, it is something to look at, the world cannot be moving forward and we will be static, no. It is important for us to review, understand, appreciate and introduce regulations that will guide the movement of the market in this direction.

“A market that has opportunity for ICOs, derivatives, is not a market we can ignore. It is our desire that we do more work, collaborate as regulators and analyse to make sure that we provide a level playing field where Nigerians, international investors and whoever is interested in this space will be comfortable and happy.

“I hope that in doing that, we are going to be able to drive foreign portfolio investment, foreign direct investment (FDI) into this country and build our capital market.”

In his remarks, Kevin Amugo, CBN director of financial policy and regulation department, said the ban was to enable it work together with stakeholders in addressing the anonymity of the technology.

He said the CBN would continue to develop policies that would optimise the opportunities of the financial technology industry and promote economic landscape of the country.

Amugo added that consumer protection was a huge challenge in the cryptocurrency market as it was speculative and no economic fundamentals drove its price.

“The committee on cryptocurrency headed by the National Security Adviser and members are EFCC, NFIU, SEC, NAICOM and all regulators to strategize and come up with a national position not a monetary policy position,” he said.

“We have issued our initial draft but COVID-19 impeded our efforts to conclude our actions. Because of interests crypto has regenerated, I think it is high time we reconvened and ensure that we take a national position, so that  what is issued is a national position not a CBN’s or SEC’s position.”

Amugo said the CBN is not stifling fintech operations evident by the licenses granted to fintech companies.

He said the apex bank is carrying out local and international consultations so that it can come out with a harmonised and implementable position.


https://www.thecable.ng/sec-seeks-regulation-of-digital-assets-says-2trn-crypto-market-cant-be-ignored/amp

[Image: 13178270_screenshot20210222141956_jpegcd...44882b3881]
Reply
{myadvertisements[zone_3]}


Possibly Related Threads...
Thread Author Replies Views Last Post
  Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans Edoman 0 44 04-30-2021, 07:44 AM
Last Post: Edoman
  Polaris Bank’s assets hit N1.2tr and profit rises to N28.9b Edoman 0 45 04-26-2021, 10:31 AM
Last Post: Edoman
  Pantami Writes Buhari, Seeks End To Stamp Duty Crisis Edoman 1 341 04-13-2021, 12:14 PM
Last Post: Afton
  FG, States’ Debt Profile Rise To ₦32.92 Trillion - NBS Edoman 0 98 03-30-2021, 08:02 AM
Last Post: Edoman
  Nigeria’s Foreign Trade Jumps To N9.12 Trillion In Fourth Quarter Of 2020 Edoman 0 123 03-09-2021, 07:54 PM
Last Post: Edoman
  Pension industry fund assets rise to N12.29tr Edoman 0 151 01-19-2021, 10:27 AM
Last Post: Edoman
  Zainab Ahmed: FG Spent ₦6.46 Trillion On Debt Servicing, Personnel In 2020 Edoman 0 134 01-13-2021, 08:20 AM
Last Post: Edoman
  FG Proposed ₦15 Trillion Infrastructure Fund Edoman 0 147 01-08-2021, 09:43 AM
Last Post: Edoman



Users browsing this thread: 1 Guest(s)

{myadvertisements[zone_2]}

About contripeople

Contripeople forum description.

              Quick Links

              User Links

              Advertise