In a bid to rid the virtual assets space of illegal trading activities, the Securities and Exchange Commission (SEC) has declared that it will take the naira off of all peer-to-peer (P2P) exchanges.
The Acting Director-General of SEC, Dr. Emomotimi Agama, reaffirmed that it will go all out to act decisively to uphold the integrity of the capital market and protect the interests of all investors.
Agama said this during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) on Monday.
He said, “One of the things that need to be done is delisting the naira from P2P space in order to avoid the level of manipulation that is currently happening. I enjoin all participants in the crypto space to be patriotic enough to name and shame those that are involved in disrupting the markets negatively.”
BICCoN, is the umbrella body of all major blockchain and cryptocurrency Associations in Nigeria.
Agama stressed that SEC will not hesitate to utilize all the powers within its mandate to handle issues that are negative and pose a threat to national interest, saying that the Commission has come as a partner to seek collaboration in making sure that the capital market community is one that is respected globally for decency and fair play.
The SEC boss said the recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the Naira has underscored the need for collective action and dialogue within the financial market ecosystem.
He said, “There are basic practices as enshrined in the Investments and Securities Act 2007 and we expect that everyone will abide by those rules. Some may say there are no rules to play by, but do not forget that we have the Investments and Securities Act 2007 that some actions by participants today may be violating, hence the law is the law irrespective of the technology used.
“However, for the 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. The SEC as your regulator is desirous to work with you by providing a level of assurance that is needed by all that are operating within the rules of the market.”
The DG stated that the proposed regulatory guidelines which are currently being fine-tuned with suggestions by various stakeholders, will encompass various activities within the cryptocurrency ecosystem ensuring that every Nigerian playing within the industry with the potential to contribute to economic progress is included, supported and properly regulated.
Agama expressed his gratitude to the leadership of BICCoN, assuring them of the commission’s readiness to work closely with all stakeholders in the cryptocurrency ecosystem to create a better country for all.
In his remarks, chairman of Fintech Association of Nigeria, Dr. Babatunde Oghenobruche Obrimah commended the Director-General for his bold steps and the relationship with the ecosystem, pledging the Association’s commitment to work with the DG by giving him all the support that will help him succeed in sanitising the virtual ecosystem.
On their part, BICCoN requested the setting up of a working group to tackle the various challenges facing the crypto space and in a bid to move the market forward.
