Nigeria’s SEC — Securities Exchange Commission will take actions against unregulated crypto businesses, ensuring investors’ protection and encouraging growth in the market.
The SEC has made a commitment to crackdown on cryptocurrency exchanges and individuals carrying out unregulated cryptocurrency transactions in the country.
According to a report from Emomotimi Agama, the director-general of Nigeria’s SEC, he disclosed that Nigeria will be taking action against entities attempting to offer cryptocurrency services without proper regulation.
This is coming in after the crypto license approval-in-principle is granted to two cryptocurrency exchanges in the country, which are Quidax and Busha by the capital market regulator.
The DG reiterated the commission’s readiness to see that the cryptocurrency market is safe and secured for its players in the country. The SEC DG said:
“We are certainly going to commence enforcement actions on anyone who wants to operate in this market without the intention of being regulated. For those who do not want to play by the books, we will not allow them to operate within our space.”
Agama disclosed that the SEC had received several applications from cryptocurrency agencies. However, he maintains that the number of cryptocurrency exchanges would be determined by their ability to meet the commission’s strict regulatory standards.
In the same vein, stressing the need for education and a guided framework to ensure that market players are well-informed and operate within the ambit of the stipulated law.
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