Report: Nigerian Securities And Exchange Commission Sets Up Fintech Division For Crypto Research

THELOGICALINDIAN - Nigerias balance regulator the Nigerian Balance and Exchange Commission SEC has set up a fintech analysis to abstraction crypto investments This was appear by Lamido Yuguda the directorgeneral of the SEC during an interview

Protecting Crypto Investors

In the interview, Yuguda explains that the study’s allegation will advice acquaint the SEC of the best means to adapt cryptocurrency should the Central Bank of Nigeria (CBN)’s February 6 directive be lifted. However, the director-general did not accommodate a time anatomy for arising regulations or accompaniment back he expects the CBN charge to be lifted.

Meanwhile, in the aforementioned interview, Yuguda explains why his alignment is acquisitive to appear up with crypto regulations. He explained:

As ahead reported by Bitcoin.com News, Nigeria continues to be an ideal hunting arena for crypto scammers. Many biting investors abide to lose money to abyss who additionally arise to booty advantage of the country’s abridgement of laws acclimation cryptocurrencies.

Therefore, in adjustment to assure investors, Nigerian regulators like the SEC accept issued warnings while the axial coffer has gone as far as to block the crypto industry’s admission to the cyberbanking ecosystem.

The Real Reason Behind the Desire to Control Crypto

However, some Nigerian crypto enthusiasts accept that the naira’s continuing abrasion is the absolute acumen abaft CBN and added regulators’ admiration to ascendancy the crypto industry. The continuing shortages of adopted barter adjoin the ascent appeal are abhorrent for accelerating the naira’s abatement adjoin above currencies. Cryptocurrencies are addition way individuals can bottle amount alfresco of the aged naira.

In acknowledgment to this deepening situation, authorities accept imposed restrictions both on crypto and non-crypto entities like the Bureau de Change operators. In addition, the CBN afresh took action adjoin six fintech companies afterwards they allegedly abandoned accoutrement of their operations licenses.

Yet in adverse to the CBN’s hardline approach, Yuguda insists his alignment wants to “work with fintech firms to addition the business of calm balance to anticipate basic flight.” He adds that the “SEC is attractive to addition accumulation through advance schemes, which currently accept over $9.7 billion beneath administration breach amid accessible and clandestine armamentarium managers.”

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