Nigerian stock exchange supervisory authority is setting Fintech department for crypto research-regulation Bitcoin News
Nigerian stock exchange supervisory authority is setting Fintech department for crypto research-regulation Bitcoin News
Nigeria's security supervisory authority, the Nigerian Securities and Exchange Commission (SEC), has set up a fintech department "to examine crypto investments". This was revealed by Lamido Yuguda, the General Director of the SEC, in an interview.
protection of crypto investors
In the Interview This will contribute to informing the SEC about the best options for regulating the cryptocurrency, the central bank of Nigeria (CBN) on February 6th Directive . However, the general director has not stated or stated that he would expect a time frame for the issuance of regulations when it is expected to be abolished.
In the meantime,Yuguda explains in the same interview why his organization endeavors to develop crypto regulations. He explained:
We look at this market exactly to see how we can enact regulations that help investors protect their investments in blockchain.
to protect investors, have published Nigerian supervisory authorities such as the SEC warnings, while the central bank went so far to block the access of the crypto industry to the bank ecosystem.
The real reason for the desire to control crypto
Some Nigerian crypto enthusiasts believe that the persistent devaluation of the Naira is the real reason for the wish of CBN and other supervisory authorities to control the crypto industry. The persistent currency nappy towards increasing demand is blamed to ensure that the decline of Naira is accelerated to the most important currencies. Cryptocurrencies are another option of how individuals can preserve the value outside of the fluctuating Naira.
In response to this deteriorating situation, the authorities have imposed on both crypto and restrictions non-crypto entities like the operators of the Bureau de Change. In addition, the CBN recently FinTech company after they allegedly violated the provisions of their operating licenses.
In contrast to the hard approach of the CBN, Yuguda insists that his organization "wants to work with FinTech companies in order to promote marketing domestic securities to prevent capital". He adds that "the SEC wants to increase the savings through investment programs that are currently managed over $ 9.7 billion that are spread over public and private fund managers".
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