Cryptocurrency: FG Mulls Delisting Naira From P2P Platforms

The Securities and Exchange Commission (SEC) vowed on Monday to decisively uphold the integrity of financial markets by protecting interests of all Nigerians against cryptocurrency abuse.

The capital market regulator said it was working on different fronts to sustain decent practices within the market.

The newly appointed SEC Director-General, Dr. Emomotimi Agama, handed down the warning at a stakeholders’ meeting convened by the Commission to address abuse, challenges inherent in cryptocurrency trading activities in Nigeria.

In attendance at the first cryptocurrency stakeholders’ meeting were leaders of the Blockchain Industry Coordinating Committee of Nigeria (Biccon), the umbrella body of all major blockchain and cryptocurrency Associations in Nigeria.

“I want to emphasise that we are working on different fronts to sustain decent practices within our market.

“However, we are here to meet ourselves to know those playing within the sector decently and are open to hearing your suggestions on how we can effectively manage all obscure cryptocurrency trading activities within our jurisdiction p2p inclusive irrespective of the challenge we all know that P2P trading posses.

“We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result,” SEC DG said.

He charged BICCoN as representative of the industry body to assist SEC in identifying bad actors by pointing out those willing to play by the rules within the country pending the release of guidelines.

However, he said pending the release of guidelines, the Commission would not hesitate to utilise all the powers within its mandate to combat illegal trading activities by those who will vow not to play by the rules that will pose a threat to our market stability and economic prosperity.

“SEC will go all out to act decisively to uphold the integrity of our financial markets and protect the interests of all Nigerians.

“Some may say no rules to play by, but do not forget that we have the Securities Acts that some actions by participants today may be violating, hence the law is the law irrespective of the technology used.

“However, 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.

“This regulatory guidelines which is currently being finetuned with suggestions by various stakeholders will encompass various activities within the cryptocurrency ecosystem ranging from Wallet providers, digital asset custodians and fund managers, Cryptocurrency Crowdfunding, Initial Coin Offerings (ICOs), Security Token Offerings (STOs), Initial Exchange Offerings (IEOs), Cryptocurrency Exchange platform providers, Virtual Asset brokerage services etc, ensuring that every Nigerian playing within the industry with the potential to contribute to our economic progress is included, supported and properly regulated,” he added.

He said the expected digital asset regulatory regime when operational would sustain Nigeria as Africa’s digital asset powerhouse with diverse solutions like Real world Asset Tokenization (RWA) that will drive wealth and catalyse our capital market.