Cryptocurrency: SEC, CBN commences work on trading regulation


The Securities and Exchange Commission (SEC) is working with the Central Bank of Nigeria (CBN) on the regulation of cryptocurrency.

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

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

The public will be informed of the outcome of the engagements with the CBN, Yuguda added.

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The official assured that SEC remained supportive of Fintechs and was developing a framework to support their operations.

“With the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted.

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“Our aim is to ensure the delivery of safe products and services without stifling innovation”, Yuguda said.

Cryptocurrency: SEC, CBN commences work on trading regulation


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