Nigeria’s securities regulator sets up a fintech department to study cryptocurrencies

In 2021, financial institutions operating in Nigeria have been leveraged by the government to crack down on cryptocurrencies, starting from February’s infamous Central bank bans lenders Provide services for the country’s cryptocurrency exchanges.With many Necessity of Nigeria’s peer-to-peer cryptocurrency market, Nigeria’s Securities and Exchange Commission (SEC) now aims to introduce regulations that can regulate the industry and provide better protection for investors.

According to September 2 report, The U.S. Securities and Exchange Commission has established a dedicated financial technology department responsible for researching crypto and blockchain investments and products-and then this knowledge can be integrated into the future crypto regulatory framework. Director-General Lamido Yuguda told Reuters this week that the agency “is paying close attention to this market to see how we can develop regulations to help investors protect their investments in blockchain.”

The Nigerian Securities and Exchange Commission considers all Encrypted assets “are securities, unless otherwise proven,” Only by integrating cryptocurrency into the country’s banking system again can a regulatory framework be established.According to reports, the agency is also seeking to cooperate with financial technology companies to strengthen the domestic securities market to prevent capital flight, which continues to plague multiple Department.

Cryptocurrency is excluded from banking channels Did not curb enthusiasm for the asset classOn the contrary, in a year full of political and economic crises, including social and economic repression and rampant inflation, Encryption adoption rate continues to grow.

related: Nigerian regulator recognizes digital assets in stunning new statement

Central Bank of Nigeria (CBN) Cooperation with a fintech company based in Barbados As a technical partner of its proposed electronic naira digital currency, Preliminary guidance issued in August. At the National Monetary Policy Committee meeting in Abuja this spring, CBN President Godwin Emefiele (Godwin Emefiele) Expressed his confidence Cryptocurrencies like Bitcoin (Bitcoin) Will eventually be legal in the country, but emphasizes that the government will do its best to prevent them from being used to fund illegal activities.