According to Ramid Yugda, Nigeria’s Director General Stock Exchange The Commission does not plan for regulators to include cryptocurrencies on their digital assets agenda. Yugda was quoted as saying the commission would change its stance on crypto only if Nigerian regulators agree on standards to protect digital asset investors.
Commission to Promote “Smart Digital Assets”
The Nigerian Securities and Exchange Commission (NSEC) has announced that if regulators finally agree to standards, digital said it would only include cryptocurrencies on its agenda to protect investors. The commission added that cryptocurrencies are currently excluded because the exchange platforms on which such digital assets are traded operate outside the Nigerian banking system.
Bloombergreportsays the NSEC is keen to promote what the agency’s head, his Lamido Yuguda, calls “enlightened digital assets.” Yuguda explained:
This committee is for the protection of investors, not for speculation.
The commission reportedly said it would investigate the use of blockchain in the advancement of virtual and traditional investment products, in addition to promoting safer digital assets.
In May, the NSEC announced new regulations governing the issuance of digital assets and registration requirements for platforms offering digital assets. At the time, some in the Nigerian cryptocurrency community believed that the new rules would apply to cryptocurrencies. Yugda acknowledged that cryptocurrencies are currently excluded, but did not rule out the possibility of including them in the future.
“Assets traded in the Nigerian capital market are It requires a joint approach from various regulators,” the director-general was quoted as saying.
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