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SEC to Implement Stricter Cryptocurrency Measures, Considers Removing Naira from P2P Platforms

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Amidst growing concerns over the proliferation of illicit activities and market manipulation in Nigeria’s cryptocurrency space, the Securities and Exchange Commission (SEC) is gearing up to enforce stricter regulations.

Dr. Emomotimi Agama, the Acting Director-General of the SEC, recently convened a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), signaling a decisive shift in the regulatory landscape.

One of the key measures under consideration is the removal of the naira as a currency pair from cryptocurrency peer-to-peer (P2P) platforms.

Agama highlighted the surge in P2P crypto trading, which has reportedly impacted the stability of the naira’s exchange rate.

The SEC is contemplating delisting the naira from these platforms to curb market manipulation and protect the integrity of the Nigerian capital market.

During the meeting, Agama emphasized the SEC’s commitment to enforcing the Investments and Securities Act of 2007 rigorously.

He underscored the need for all market participants to adhere to established legal frameworks, irrespective of the technological advancements in digital assets.

The proposed regulatory measures represent a significant departure from the SEC’s previous approach to cryptocurrency oversight.

Unlike past administrations, which adopted a more lenient stance, the current leadership is poised to issue guidelines aimed at making crypto trading more stringent in Nigeria.

Agama’s call for the removal of the naira from P2P platforms underscores the SEC’s determination to address market distortions effectively.

The move reflects the Commission’s resolve to foster transparency and accountability in the cryptocurrency space while safeguarding national economic interests.

In addition to considering the delisting of the naira, the SEC is in the process of developing comprehensive regulatory guidelines for the digital asset sector.

These guidelines, crafted in consultation with various stakeholders, will cover a wide range of crypto-related activities, including wallet services, digital asset custody, and fund management.

Agama urged the cryptocurrency community to cooperate in identifying and addressing harmful practices within the market.

He stressed the importance of collaboration and openness in achieving a transparent and thriving digital asset environment, aligning with the government’s agenda for the fintech sector.

The SEC’s push for stricter cryptocurrency measures comes amid heightened regulatory scrutiny and concerns over illicit activities in the crypto space.

Recent actions by regulatory authorities, including the classification of cryptocurrency trading as a national security issue and directives to fintech startups to block crypto-related transactions, underscore the government’s resolve to clamp down on crypto-related abuses.

As Nigeria navigates the evolving regulatory landscape for cryptocurrencies, stakeholders await further developments from the SEC and anticipate the rollout of the proposed regulatory guidelines.

The outcome of these efforts will likely shape the future trajectory of the country’s crypto industry and its integration into the broader financial ecosystem.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Kabosu, the Dog Behind Dogecoin, Dies at Age 17

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Kabosu, the Shiba Inu whose viral image became the face of the cryptocurrency Dogecoin, has died at the age of 17.

Her owner announced the sad news in a heartfelt blog post on Friday. Kabosu’s image, featuring her expressive, quizzical look, has become one of the most recognizable and beloved memes on the internet.

“We will be holding a farewell party for Kabo-chan on Sunday, May 26th,” the blog post read.

The farewell will take place at Flower Kaori in Kotsu no Mori, Narita City, from 1 pm to 4 pm. Fans of Kabosu are invited to attend and pay their respects to the dog who has brought joy to millions around the world.

Kabosu first rose to fame in 2010 when her owner, Atsuko Sato, a Japanese kindergarten teacher, posted a series of photos of her on her personal blog. One particular photo, showing Kabosu with her paws crossed and a bemused expression, quickly went viral.

The image spawned the “Doge” meme, characterized by multicolored text in Comic Sans font representing the dog’s inner monologue in broken English.

In 2013, software engineers Billy Markus and Jackson Palmer created Dogecoin as a parody of the burgeoning cryptocurrency market, using Kabosu’s iconic image as its logo. What started as a joke soon gained a substantial following, and Dogecoin became a legitimate digital currency.

It was used for tipping online content creators, raising funds for charitable causes, and even sponsoring sports teams.

Kabosu’s influence extended beyond Dogecoin. Her image inspired the creation of numerous other dog-themed cryptocurrencies, such as Shiba Inu (SHIB) and Floki (FLOKI).

These tokens have collectively become a significant part of the cryptocurrency market, demonstrating Kabosu’s lasting impact.

Kabosu’s legacy is not only limited to her contribution to internet culture and cryptocurrency. She has also been a symbol of positivity and resilience.

Adopted from a shelter in 2008, Kabosu’s story highlighted the importance of pet adoption and the joy that rescued animals can bring into our lives.

As news of Kabosu’s passing spread, tributes poured in from around the globe. Fans and cryptocurrency enthusiasts took to social media to share their favorite “Doge” memes and express their gratitude for the happiness Kabosu brought into their lives.

“Rest in peace, Kabosu. You brought so much joy to the world,” one Twitter user wrote, echoing the sentiments of many others.

Kabosu’s farewell party on May 26th is expected to be a celebration of her life and the indelible mark she left on internet culture. While she may be gone, Kabosu’s legacy will undoubtedly live on through the countless memes, the thriving Dogecoin community, and the fond memories of her fans worldwide.

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Crypto Market Sheds $2.5 Trillion as Bitcoin, Ether Prices Drop

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The cryptocurrency market shed $2.5 trillion in value as the prices of major cryptocurrencies Bitcoin (BTC) and Ether (ETH) dropped within the past 24 hours.

This decline comes despite the recent approval of several Ether exchange-traded funds (ETFs) for listing on U.S. exchanges.

According to CoinGecko data, Ether has decreased by 4% since the ETF approvals, reversing the gains it made earlier in the week when it rose 20% amid speculation and updated odds favoring the ETF listings.

The broader CoinDesk 20 index, which tracks the most liquid and widely traded cryptocurrencies, fell by 4.5% over the same period.

“Ethereum’s sell-off on positive news is a typical ‘buy the rumors, sell the facts’ reaction of speculators,” explained Alex Kuptsikevich, a senior market analyst at FxPro, in an email to CoinDesk.

“We shouldn’t be surprised if the price pulls back to the $3000 area again, returning to an important consolidation area. From these levels, large institutional investors can start building a position in ETFs.”

Kuptsikevich also noted a similar market behavior observed in January, following the approval of the first Bitcoin ETF, which saw Bitcoin prices drop by 19% in the subsequent two weeks before a substantial reversal.

On Thursday, the U.S. Securities and Exchange Commission (SEC) approved regulatory filings for Ether ETFs, marking a historic milestone for the second-largest cryptocurrency.

While the SEC has approved the 19B-4 form, allowing for the offering and listing of ETFs, the funds still require the green light on their S-1 filings before investors can trade them.

The SEC’s approval covered documents for eight ETFs from major financial firms, including VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest 21Shares, Invesco Galaxy, and BlackRock, to be listed on the Nasdaq, NYSE Arca, and Cboe BZX exchanges.

Industry analysts predict that if these ETFs are approved for trading, it could lead to a significant influx of institutional capital into the cryptocurrency market.

Standard Chartered has forecasted potential inflows of up to $45 billion within the first 12 months of trading.

Despite the recent downturn, some traders remain optimistic about Ether’s future performance. They anticipate a rally of over 60% in the coming months, citing increased futures and spot buying demand for the token in the past week.

As the market adjusts to the new regulatory landscape and investor sentiment, the coming days will be crucial in determining whether this downturn is a temporary correction or the start of a more prolonged bear phase for cryptocurrencies.

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SEC Director General Lauds KuCoin’s Action, Urges Compliance with National Guidelines

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The Securities and Exchange Commission (SEC) Director General, Dr. Emomotimi Agama, has commended KuCoin, a prominent cryptocurrency exchange platform, for its proactive measures to delist the Nigerian naira (NGN) from its trading options.

This move aligns with recent directives aimed at safeguarding the nation’s economic interests and combating illicit financial activities.

In an official statement released by the SEC on Thursday, Dr. Agama expressed satisfaction with KuCoin’s decision to suspend peer-to-peer (P2P) transactions involving the Nigerian currency.

This decision comes as part of KuCoin’s ongoing efforts to adjust its platform to comply with regulatory directives issued by the Office of the National Security Adviser and the SEC.

The SEC’s stance underscores a broader initiative by Nigerian authorities to address concerns related to foreign exchange manipulation and safeguard the integrity of the nation’s financial system.

Dr. Agama emphasized the importance of adherence to established guidelines, emphasizing that regulatory compliance is essential for maintaining national security and economic stability.

The delisting of the naira by KuCoin follows similar actions taken by other cryptocurrency exchanges, including Binance, in response to regulatory scrutiny from Nigerian authorities. These measures signal a concerted effort within the crypto industry to cooperate with regulatory agencies and promote responsible trading practices.

Peer-to-peer cryptocurrency trading platforms have come under increased scrutiny due to their potential for facilitating illicit financial activities, including money laundering and fraud. By delisting the naira and suspending related trading activities, KuCoin demonstrates its commitment to upholding regulatory standards and fostering a secure trading environment for users.

Dr. Agama reiterated the SEC’s commitment to collaborating with stakeholders, including the Economic and Financial Crimes Commission (EFCC), to address challenges within the cryptocurrency space and combat financial crimes effectively.

He emphasized the importance of regulatory cooperation in tackling illicit trading practices and maintaining investor confidence in the market.

Furthermore, Dr. Agama highlighted the SEC’s ongoing efforts to implement the Revised Capital Market Master Plan, aimed at enhancing the resilience and competitiveness of Nigeria’s capital market.

He highlighted the potential of the capital market to drive economic growth and attract foreign investment, emphasizing the need for regulatory measures to protect investors and promote market integrity.

In response to Dr. Agama’s comments, the EFCC Chairman, Ola Olukoyede, reaffirmed the Commission’s commitment to combatting financial crimes and emphasized the importance of regulatory collaboration in addressing emerging challenges.

He commended the SEC’s efforts to enforce regulatory compliance within the cryptocurrency sector and pledged the EFCC’s support in safeguarding Nigeria’s financial interests.

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