The Nigerian Securities Regulator Has Made a Statement on Crypto! According to Lamido Yuguda, the director general of the Nigeria Securities and Exchange Commission, the regulator is not planning to include cryptocurrencies in its digital asset program. Yuguda was reported to have said that the committee will only change its stance on cryptos when Nigerian regulators agree on regulations to protect investors in digital assets.
Nigerian Securities Rugaltor: Commission for Promoting “Sensitive Digital Sector”
The Nigerian Securities and Exchange Commission (NSEC) has said it will only include cryptocurrencies in its digital asset program after regulators agree on investor protection standards. The commissioner added that cryptocurrencies have now been banned because these digital exchanges operate outside the Nigerian banking system. According to a Bloomberg report, NSEC is keen to promote what the agency’s CEO, Lamido Yuguda, called “sensitive digital assets.” Yuguda explained: “The commission is in the business of protecting investors, not in the business of speculation.”
In addition to promoting secure digital assets, the commission is reported to have said it will investigate the use of blockchain to promote traditional investment products.
In May, NSEC unveiled new rules governing the issuance of digital assets and the registration of platforms that offer digital assets. At the time, some members of the Nigerian crypto community believed that the new law was affecting cryptocurrencies. Although Yuguda admitted that cryptos are being phased out now, he did not rule out including them in the future. “Any asset that is traded in the Nigerian capital market requires the cooperation of the various regulators,” the CEO said.