Regulation
Nigerian Finance Minister Asks SEC to Regulate Cryptocurrencies
Nigerian Finance Minister and Economist Wale Edun has urged members of the newly installed board of the Nigerian Securities and Exchange Commission (SEC) to focus on regulating cryptocurrencies and maintaining integrity in the financial market.
In his inaugural address on Monday in Abuja, Edun said it was important to address the complexity associated with the rapidly evolving financial sector.
“The SEC Board should be willing to take on the challenge of regulating these new areas, particularly cryptocurrencies, as these are complex and rapidly evolving areas,” he said. declared.
The minister warned against regulatory arbitrage, where companies would take advantage of minimal registration requirements to claim fake licenses. He also stressed the importance of maintaining high standards of corporate governance and transparency.
Ensure best-in-class corporate governance practices, quickly identify and report conflicts, and adhere to global best practices.
While noting the rapid growth of the financial sector, Edun noted the growing intersection of finance and technology. He stressed the need for the SEC to stay informed and adaptable when it comes to innovative changes in fintech, artificial intelligence, and digital currencies.
In response, the newly appointed Chairman of the SEC Board, Mairiga Katuka, assured the minister that the board would leverage its collective expertise to stimulate the growth of Nigeria’s capital market.
Katuka expressed a positive outlook on the country’s economic future, citing recent government reforms aimed at managing inflation, improving social protection and encouraging private sector development.
Read also: Nigeria Reveals Plans to Build Its Own Blockchain Technology ‘Nigerium’