According to Vangard, the Securities and Exchange Commission of Nigeria (SEC Nigeria) will take enforcement action against cryptocurrency companies operating without a license.
SEC Nigeria warns: No place for non-compliance
SEC Nigeria Chairman Dr. Emomotimi Agama stated that they are committed to protecting investors participating in the financial market, including the cryptocurrency field, and called on market participants to abide by the rules.
He pointed out: "We will take enforcement action against anyone who wants to make money and invest in this market but has no intention of being regulated. The same applies to the cryptocurrency field. We want to open the door to those who are willing to abide by the rules and welcome them to join the market , but refuse to provide a place for those who are unwilling to comply!”
He also said: “We have recently temporarily approved the operation of two cryptocurrency exchanges (Quidax, Busha). These measures are carried out without hindering innovation. Because one of the important responsibilities of SEC Nigeria is to promote market development. We also understand that the president is very concerned about the activities of young people, and that most young people are also involved in the digital field. It is our responsibility to provide a protected and regulated environment. That's why we're taking these actions."
He said SEC Nigeria was taking a number of measures to ensure that people are not misled or defrauded of their hard-earned funds, stressing that the actions of cryptocurrency exchanges must be closely monitored to prevent them from hampering the country’s economic development.
(Nigeria issues the first batch of blockchain operation licenses! Existing companies need to complete registration applications within 30 days)
Agama added: "SEC Nigeria, as the top regulator of the capital market, we follow international standards, one of which is very important is information disclosure. We must ensure that information is completely transparent and meets the requirements for preventing money laundering and combating terrorism. It is also crucial to provide relevant information and education to investors and operate in a regulated regulatory environment.”
Nigeria actively trains securities regulatory talents
He also mentioned that securities regulation is an area that requires a high level of expertise and therefore SEC Nigeria is working hard to provide regulators with the best education and training to ensure they are qualified for the job.
"Training, education, and practical experience are also important! Of course, we cannot do without a sense of responsibility. We combine the above elements as a national task and focus on Nigeria's young people. This is part of our responsibility, and at the same time, we prevent those bad actors who seek to undermine economic development. To this end, we will do our best to carry out our tasks according to global standards."
He added that the International Organization of Securities Regulators (IOSCO) is hosting an education program on cryptocurrency regulations in Spain, which will also be attended by SEC Nigeria staff. We also participate in global fintech forums on cryptocurrencies, digital assets and all matters related to securities regulation.
(International regulatory agency IOSCO proposes encryption regulatory recommendations and establishes standards for global encryption service providers)
Attitudes towards the encryption industry are polarized, promoting innovation while strictly regulating
Nigeria has had two polar responses to its handling of the cryptocurrency industry. On the one hand, it temporarily approved the operations of Quidax and Busha exchanges to promote market innovation; on the other hand, it launched an investigation into unapproved exchanges such as Binance and their executives, accusing them of Suspected of money laundering and hindering economic development. This shows that while Nigeria strives to promote compliance in the cryptocurrency industry, it also maintains a strict regulatory stance to ensure the stability of the market order and protect the interests of investors.
(The money laundering trial of a Binance executive in a Nigerian court was postponed due to deteriorating health)
(Binance executives were allowed to review in October! The Nigerian government instructed to resolve medical issues first)
This article: The Nigerian government has a tough stance and calls out to crypto industry players: If you don’t abide by the rules, you will be punished. It first appeared on Chain News ABMedia.
