Nigeria’s Securities and Exchange Commission (SEC) has pledged to crack down on fraud, money laundering and market manipulation in the cryptocurrency sector. SEC Director General Emomotimi Agama stressed the importance of educating investors. Lagos State Governor Babajide Sanwo-Olu said he supports regulation of the cryptocurrency sector.
Investor Education
Nigeria’s securities regulator has pledged to crack down on fraud, money laundering and market manipulation in the cryptocurrency sector. SEC director-general Emomotimi Agama has also promised strict enforcement against illegal cryptocurrency platforms.
Agama, which approved the first digital asset exchanges in Nigeria, has stressed the importance of educating investors to protect them from scams. The SEC chief’s remarks at the International Securities Organization’s World Investor Week come months after he warned Nigerians against using unlicensed cryptocurrency exchanges.
“As financial products become increasingly complex and technology-driven, from fintech innovations to cryptocurrency trading, it is important and responsible for stakeholders to commit to equipping investors with the knowledge to navigate these markets with confidence and responsibility,” Agama said.
Democratizing Finance with Cryptocurrency
Nigeria is one of the few African countries to introduce a regulatory framework for cryptocurrency entities. The SEC previously demonstrated its commitment to combating illegal cryptocurrency platforms when it revised its rules governing virtual asset service providers (VASPs) in June.
These amendments not only expand the scope of regulation but also pave the way for the introduction of the Accelerated Regulatory Incubation Program (ARIP) to bring crypto entities into operation.
Meanwhile, Lagos State Governor Babajide Sanwo-Olu was quoted in the report expressing support for the SEC and emphasizing the importance of regulating the cryptocurrency sector.
“While the potential of cryptocurrencies to democratize finance is huge, we must also be mindful of the risks they pose, particularly in the areas of regulation, security and investor protection,” said Sanwo-Olu.
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