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SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored - Business - Nairaland

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SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by Johnnyessence(m): 2:22pm On Feb 22
Timi Agama, head of registration, exchanges, market infrastructure and innovation department of SEC, was speaking at a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, on Sunday.

The Central Bank of Nigeria (CBN) had asked commercial banks to block accounts of cryptocurrency traders in their systems.

After the directive, Nigerians took to social media to condemn the decision.

NAN quotes Agama as saying cryptocurrency is a $2 trillion market that cannot be ignored.

He said the world cannot be moving forward while Nigeria remains static.

Agama said although SEC or the capital market would not accommodate or encourage any fraudulent practices that allowed for money laundering, cryptocurrency is a market worth looking into.

“There is a lot of investment move into the cryptocurrency market and the tendency is that it will reduce the amount of investments in the stock market. Part of the desire of the SEC even in the future is to provide a regulatory framework that will take care of all these challenges that we have seen internationally and the entire world is grappling with in terms of cryptocurrency and digital assets,” he said.

“For us at SEC and capital market, it is something to look at, the world cannot be moving forward and we will be static, no. It is important for us to review, understand, appreciate and introduce regulations that will guide the movement of the market in this direction.

“A market that has opportunity for ICOs, derivatives, is not a market we can ignore. It is our desire that we do more work, collaborate as regulators and analyse to make sure that we provide a level playing field where Nigerians, international investors and whoever is interested in this space will be comfortable and happy.

“I hope that in doing that, we are going to be able to drive foreign portfolio investment, foreign direct investment (FDI) into this country and build our capital market.”

In his remarks, Kevin Amugo, CBN director of financial policy and regulation department, said the ban was to enable it work together with stakeholders in addressing the anonymity of the technology.

He said the CBN would continue to develop policies that would optimise the opportunities of the financial technology industry and promote economic landscape of the country.

Amugo added that consumer protection was a huge challenge in the cryptocurrency market as it was speculative and no economic fundamentals drove its price.

“The committee on cryptocurrency headed by the National Security Adviser and members are EFCC, NFIU, SEC, NAICOM and all regulators to strategize and come up with a national position not a monetary policy position,” he said.

“We have issued our initial draft but COVID-19 impeded our efforts to conclude our actions. Because of interests crypto has regenerated, I think it is high time we reconvened and ensure that we take a national position, so that  what is issued is a national position not a CBN’s or SEC’s position.”

Amugo said the CBN is not stifling fintech operations evident by the licenses granted to fintech companies.

He said the apex bank is carrying out local and international consultations so that it can come out with a harmonised and implementable position.

https://www.thecable.ng/sec-seeks-regulation-of-digital-assets-says-2trn-crypto-market-cant-be-ignored/amp

2 Likes

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by Johnnyessence(m): 2:22pm On Feb 22
nice one from SEC. CBN should lift their ban now.

32 Likes

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by ifytrik(m): 2:28pm On Feb 22
.
Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by tsephanyah(f): 2:28pm On Feb 22
I don't know anything much about crypto currency but if it will hurt them more I welcome the decision to ban it forever.

6 Likes 2 Shares

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by ichidodo(m): 4:04pm On Feb 22
Let greed not be our undoing..Banning Crypto is one safety measure to prevent our economy overheating and going sh**t. If America is doing it doesn't mean we should considering the fact we ain't in the same category...Look at India, we cannot know more than India but those people no send you....They ban bitcoin till further notice.

7 Likes

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by inoki247: 4:05pm On Feb 22
we love our static like that we don't want to move with the world....

Our 1k at the polling unit is enough for us so we are not moving anywhere....

27 Likes 2 Shares

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by visijo(m): 4:05pm On Feb 22
You no get money, you dey pray for long life
Suffer no dey tire you �

4 Likes

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by OgbanjeProphet: 4:05pm On Feb 22
It still baffles me that the CBN Governor is a southerner.

What was he thinking when he banned cryptocurrency

17 Likes

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by nickvanilla(m): 4:06pm On Feb 22
If them like make them ban am. Boys go still find way to make money from crypto. Them don steal tire, settle their family and upcoming generation. Them no wan make other people progress. Useless leaders.

5 Likes 1 Share

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by Oluwasaeon(m): 4:06pm On Feb 22
Tell them
Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by RisenPhoenix1(m): 4:06pm On Feb 22
Confusion. How can you regulate what is illegal?

1 Like

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by Emperor002: 4:06pm On Feb 22
afomja
Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by GamalNasser: 4:07pm On Feb 22
Hmmm
Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by CodedMillionair: 4:07pm On Feb 22
Ignored ko, left it ni, my signāture can't be ignored!

What's my concern with crypto when I can easily sit at home and earn trading Virtual and making N600 per hour?

2 Likes

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by Seniorwriter(m): 4:07pm On Feb 22
Sighs
“For us at SEC and capital market, it is something to look at, the world cannot be moving forward and we will be static, no. It is important for us to review, understand, appreciate and introduce regulations that will guide the movement of the market in this direction.

Reading the statement in caps I feel disappointed in our economic leaders especially the clueless CBN Governor that prefers ban rather than puting good regulatory policies in place.

Anyways reach me if you need a viable crypto trading community into multilevel leads.
Even if you are a newbie pls don't be left behind.

Proactivity Leads To Productivity!!!

@SeniorWriter

5 Likes

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by anonym0us: 4:07pm On Feb 22
angry awon urgent 2k gang leader. Block head, I don't even know the use of Nigerian girls,99%dumb
tsephanyah:
I don't know anything much about crypto currency but if it will hurt them more I welcome the decision to ban it forever.

15 Likes 4 Shares

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by Capnd143(m): 4:07pm On Feb 22
Confused lots.
There's lack of synergy in the buhari led federal government. If they held such views, why ban crypto?


tsephanyah:
I don't know anything much about crypto currency but if it will hurt them more I welcome the decision to ban it forever.
Are you okay? Like okay okay?

11 Likes 2 Shares

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by eedimo(m): 4:07pm On Feb 22
As a financial expert, I should have address him on certain issues he raised but I doubt he knows nairaland exists.
Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by brightpre(m): 4:08pm On Feb 22
tsephanyah:
I don't know anything much about crypto currency but if it will hurt them more I welcome the decision to ban it forever.
then shut up your mouth

20 Likes 1 Share

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by samdunzo: 4:08pm On Feb 22
knew this was bound to happen.... times are changing. Either you move with the times or get left behind

2 Likes

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by Foolishbuhari: 4:08pm On Feb 22
tsephanyah:
I don't know anything much about crypto currency but if it will hurt them more I welcome the decision to ban it forever.

This is why your region is backwards! The thoughtless propagation of fools by bigger fools is the cause of this. Heal... Or rather not. Keep hating. It will kill you soon. Boko haram sympathizer.

For the topic of Emefiele had any sense, we'd rather ride this ride as Kenya is doing. But man's thick in the head like buhari. Empty skulls

4 Likes 1 Share

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by DenreleDave(m): 4:08pm On Feb 22
undecided undecided
Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by kpas4kpas2(m): 4:09pm On Feb 22
Good development!

1 Like

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by sunshineV: 4:09pm On Feb 22
how much longer b4 buhari leave power?

1 Like

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by dafemnet: 4:09pm On Feb 22
Bankers don't like crypto but it's here to stay.

1 Like

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by sojfarm: 4:10pm On Feb 22
That is the way to go. I had discovered that SEC is more responsible CBN right from my secondary school days...

It is a basic maxim: you can not control what you do not understand, basic. So what do you do. Get knowledge and understanding

1 Like

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by Welderwede(m): 4:10pm On Feb 22
crypto currency is the future ��

1 Like

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by Vanmatrix(m): 4:10pm On Feb 22
This is a way forward......
Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by Benards(m): 4:10pm On Feb 22
tsephanyah:
I don't know anything much about crypto currency but if it will hurt them more I welcome the decision to ban it forever.

Even right now I'm looking at you like...

3 Likes

Re: SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored by DoctorDree(m): 4:11pm On Feb 22
Lol

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