ABUJA, Nigeria, Friday, July 12, 2024 – Nigeria’s Finance Minister and Coordinating Minister of the Economy, Wale Edun, urged the newly inaugurated board of the Securities and Exchange Commission (SEC) to address the complexities of regulating cryptocurrencies.
Speaking in a statement released Monday, Edun emphasized the need for “stringent oversight” to ensure market integrity within the capital markets.
He highlighted the rapid evolution of digital assets and artificial intelligence, calling for the SEC to be “willing to accept the challenge of regulating these new areas.”
The minister also cautioned against companies exploiting minimal registration processes to falsely claim they are licensed. He stressed the importance of robust oversight to ensure transparency and prevent “regulatory arbitrage,” where companies strategically choose lower regulatory regimes.
This call to action comes amidst ongoing discussions about cryptocurrency regulation in Nigeria. The SEC has taken some steps, such as requiring crypto platforms to register and mandating local offices for foreign firms. However, a comprehensive regulatory framework for the digital asset space remains under development.
