SEC Insists It Can Regulate Digital Assets

The Securities and Exchange Commission (SEC) once again said it has what it takes to regulate crypto assets.

The commission had announced last week that henceforth it will start regulating crypto transactions to protect investors and foster its growth across the country.

However, following the criticism that trailed the announcement, the commission has now come out to say it has the capacity and technology necessary to regulate digital space.

Commenting on the development, Mr. Emomotimi Agama, the Head, Registration, Exchanges, Market Infrastructure and Innovation, SEC, said the decision to regulate digit assets was to ensure everyone is safe and comfortable with what is going on in the investment climate.

He further explained that after the SEC launched the fintech roadmap last year, the commission went ahead to set up a blockchain virtual financial assets committee.

“These committees are both market wide and principally done to engage the market, to be able to have discussions with the market and get their buy-in into what we are doing.

“What we found out today is that a lot of persons, youths are all involved in this space and it is important that even as far as that is the case, the SEC lives up to the expectations that the Nigerian public has of it which is investor protection and making sure that those people that are getting into the business, the investors are protected.

“Clearly, that is our aim and the market is part of this and indeed the feedback has been wonderful. People are happy with what we are doing, being able to provide some clarity as to where we stand in terms of digital assets regulation,” he said.

Agama added that before the commission announced the initiatives, it has conducted broad-based research.

He said, “I need to tell you that the Cambridge Centre for Alternative Finance has been partnering with the SEC and up to this point, we have been engaging with them and several of our staff members have been part of their programmes.”

“The World Bank and other institutions are also working with us on Fintech to see that the Nigerian landscape is not left barren but guided with basic principles, we will not leave any stone unturned, but ensure that everyone within the SEC that has the responsibility to guiding investors and the populace in making sure we have an investment environment that people will be proud of is provided.

“Capacity building is a continuous exercise, we will continue to upgrade ourselves, we will continue to learn because knowledge is for life,” Agama stated.