Good news for crypto traders as the Securities and Exchange Commission (SEC) just revealed that it is now working with the Central Bank of Nigeria (CBN) to regulate cryptocurrency.

This was disclosed at a virtual news conference by the Director-General of SEC, Lamido Yuguda, at the 2021 post-Capital Market Committee (CMC).

According to Yuguda, SEC is in discussion with CBN so they could both understand and better regulate the market and that Nigerians will be informed of the outcome of the engagements with the CBN.

The DG maintained that SEC that SEC remained supportive of Fintechs and had invested so much in developing a framework to support them.

He said in his statement, “Let me say that the SEC remains very supportive of fintechs. We have invested so much in developing a framework for supporting fintechs in the various areas and fintechs are acting in areas of crowdfunding, investment advice and cryptocurrencies and the like.”

He however noted that the recent decision by the CBN has disrupted the Fintech market.

“In all other areas, nothing has changed, but in the area of crypto assets, you know that with the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted”, Yuguda said.

He further said, “the truth of the matter is that while the SEC had issued guidelines in September 2020 aimed at regulating this market, for now for all intents and purposes, because these exchanges do not have access to commercial bank accounts in Nigeria, the market, for now, does not exist.’’

Recall that the CBN had in February 2021, barred deposit money banks and other financial institutions from doing business with cryptos.

https://techglidar.com/2021/04/17/fg-may-soon-lift-ban-on-crypto-as-sec-and-cbn-meet/

Great.

Stupid set of people, they won't cease to surprise us, i wont be surprised when they place a ban on online transactions sef

we are watching. audio lift

Smatkomo:
Good news for crypto traders as the Securities and Exchange Commission (SEC) just revealed that it is now working with the Central Bank of Nigeria (CBN) to regulate cryptocurrency.

This was disclosed at a virtual news conference by the Director-General of SEC, Lamido Yuguda, at the 2021 post-Capital Market Committee (CMC).

According to Yuguda, SEC is in discussion with CBN so they could both understand and better regulate the market and that Nigerians will be informed of the outcome of the engagements with the CBN.

The DG maintained that SEC that SEC remained supportive of Fintechs and had invested so much in developing a framework to support them.

He said in his statement, “Let me say that the SEC remains very supportive of fintechs. We have invested so much in developing a framework for supporting fintechs in the various areas and fintechs are acting in areas of crowdfunding, investment advice and cryptocurrencies and the like.”

He however noted that the recent decision by the CBN has disrupted the Fintech market.

“In all other areas, nothing has changed, but in the area of crypto assets, you know that with the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted”, Yuguda said.

He further said, “the truth of the matter is that while the SEC had issued guidelines in September 2020 aimed at regulating this market, for now for all intents and purposes, because these exchanges do not have access to commercial bank accounts in Nigeria, the market, for now, does not exist.’’

Recall that the CBN had in February 2021, barred deposit money banks and other financial institutions from doing business with cryptos.

https://techglidar.com/2021/04/17/fg-may-soon-lift-ban-on-crypto-as-sec-and-cbn-meet/

Hi Smatkomo, does this mean people will be able to transfer funds out of their crypto wallets to their bank accounts again? I'm a crypto newbie [color=#550000][/color] . Thanks

Smatkomo:
Good news for crypto traders as the Securities and Exchange Commission (SEC) just revealed that it is now working with the Central Bank of Nigeria (CBN) to regulate cryptocurrency.

This was disclosed at a virtual news conference by the Director-General of SEC, Lamido Yuguda, at the 2021 post-Capital Market Committee (CMC).

According to Yuguda, SEC is in discussion with CBN so they could both understand and better regulate the market and that Nigerians will be informed of the outcome of the engagements with the CBN.

The DG maintained that SEC that SEC remained supportive of Fintechs and had invested so much in developing a framework to support them.

He said in his statement, “Let me say that the SEC remains very supportive of fintechs. We have invested so much in developing a framework for supporting fintechs in the various areas and fintechs are acting in areas of crowdfunding, investment advice and cryptocurrencies and the like.”

He however noted that the recent decision by the CBN has disrupted the Fintech market.

“In all other areas, nothing has changed, but in the area of crypto assets, you know that with the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted”, Yuguda said.

He further said, “the truth of the matter is that while the SEC had issued guidelines in September 2020 aimed at regulating this market, for now for all intents and purposes, because these exchanges do not have access to commercial bank accounts in Nigeria, the market, for now, does not exist.’’

Recall that the CBN had in February 2021, barred deposit money banks and other financial institutions from doing business with cryptos.

https://techglidar.com/2021/04/17/fg-may-soon-lift-ban-on-crypto-as-sec-and-cbn-meet/

Fools.. do they know how much banks are losing for not providing their channels for crypto ? Trial and error govt

This government is as confused the people that voted them in.