The Securities and Exchange Commission (SEC) has made a strong case for the removal of the naira as a currency pair from cryptocurrency peer-to-peer platforms.
Acting Director-general of the commission, Dr. Emomotimi Agama, made the advocacy at a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN).
He remarked that the recent surge in peer-to-peer (P2P) crypto trading had reportedly impacted the Naira’s exchange rate, prompting the SEC to consider delisting the Naira from P2P platforms to curb market manipulation.
Agama emphasised the need to clean up the virtual assets space from illegal trading activities and safeguard the integrity of the Nigerian capital market, adding that the commission was ready to enforce the Investments and Securities Act of 2007 vigorously, to ensure that all market participants adhere to the established legal frameworks, despite the technological advances in digital assets.
He enjoined participants in the crypto space to be patriotic enough to name and shame those that are involved in disrupting the markets negatively, pointing out the need for a cooperative approach to address these challenges.
The director-general advocated a regulatory environment that supports innovation while protecting national economic interests.
He also said the commission is in the process of developing inclusive regulatory guidelines for the digital asset sector, with input from various stakeholders and will cover a broad spectrum of crypto-related activities, including wallet services, digital asset custody, fund management, and more.
The aim, according to Agama, is to create a well-regulated digital asset marketplace that contributes to Nigeria’s economic progress.
