SEC Working With CBN On Crypto Trading Regulation – DG

  • This follows last week’s declaration by the SEC that fintechs allowing Nigerians access to foreign securities were operating illegally.

Nigeria’s Securities and Exchange Commission (SEC) says it is working with the Central Bank of Nigeria (CBN) for better understanding and regulation of cryptocurrencies in the country.

SEC Director-General, Lamido Yuguda, said this at the 2021 first post-Capital Market Committee (CMC) virtual news conference.

Yuguda said the commission was in discussion with the CBN for a better understanding and regulation of the crypto assets.

He said the commission suspended the implementation of crypto assets guidelines due to a lack of access to Nigerian bank accounts.

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cryptocurrency

“We are in discussion with CBN for both understanding and better regulating of this market.

“We will be able to come back to you later to inform you of the outcome of these engagements.

“But because of the lack of access to commercial bank accounts, we had to suspend our own guidelines of September 2020, the implementation of that circular is suspended until these operators are able to have access to Nigerian bank accounts.

“Remember that nobody operates in the Nigerian capital market if that person does not have access to a Nigerian bank account,” the SEC DG said.

Yuguda, however, said that SEC remained very supportive of Fintechs and had invested so much in developing a framework to aid their operations.

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