Nigeria’s Securities and Exchange Commission says it is committed to creating a clear-cut regulatory framework for cryptos in the country.
Having recently suspended its planned crypto regulations in the wake of the central bank ban, Nigeria’s Securities and Exchange Commission has clarified its position on cryptocurrencies in the country.
According to a report by Premium Times, both the SEC and the Central Bank of Nigeria will work collaboratively on devising a concrete regulatory framework for cryptos in Nigeria.
For Timi Agama, the commission’s registration, exchanges, market infrastructure, and innovation head, regulators in Nigeria cannot afford to ignore the $1.74 trillion crypto market.
Speaking at a virtual conference organized by the Association of Capital Market Academics of Nigeria in the capital, Abuja on Sunday, Agama remarked:
“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.