The Securities and Exchange Commission (SEC) has been tasked to introduce guideline framework for the trading operations of Cryptocurrency in Nigeria.
According to them, the responsibility for creating a framework for Cryptocurrency trading in Nigeria lies with SEC and not the Central Bank of Nigeria (CBN), as it is done in the United States of America and other developed nations.
These were the words of experts at the On The Money show on Twitter (Ugodre’s space), put together by Ugochukwu Obi-Chukwu, Founder of Nairametrics, on Saturday.
One of the speakers and an investment analyst, explained that CBN has done what is within its power and the buck lies with the SEC, whose responsibility is to create the required framework.
He said, “CBN has done its bit, SEC has more to do but both of them seems to be pointing fingers. CBN is saying it can’t go ahead without SEC and vice versa. I urge them to emulate their foreign counterparts and come up with a proper regulatory framework.
SEC should come up with an exchange on crypto like Coinbase. If you have an exchange to regulate it is easier to monitor crypto. SEC should lead and issue the guidelines for the crypto market.”
A financial market analyst, Olumide Adesina, explained that crypto players need to engage the regulators more, instead of launching offensives from the sidelines. He said, “Nigerians need to be aware of the growing risks of crypto scams which cannot be eradicated without a strong input from SEC.
Crypto players need to lobby the regulators rather than going offensive, knowing fully well the clear mandate of SEC is protecting the Nigerian capital market.”
About Nairametrics: Nairametrics is a leading Nigerian financial resource company that offers services ranging from business news coverage, corporate analysis, macroeconomics data sourcing /analysis, and more.