Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), stated that the recent approval-in-principle for two cryptocurrency exchanges aligns with the commission’s goal of providing Nigerian youths with opportunities to engage in the capital market
He confirmed that it is in line with the desire of President Bola Ahmed Tinubu to engage with the youthful population in the country as it will create a structure that will enhance that participation of the youths and other Nigerians in the market. The commission granted the approval to Busha Digital Limited and Quidax Technologies Limited
According to the Dr. Agama, most young Nigerians are involved in digital assets and it is important to include them in the capital rather than exclude them and the nation must not be left out of the global phenomenon that is evolving rapidly.
Dr. Agama stressed that the SEC is taking a careful approach to ensure that these institutions do not threaten the national economy or individual investors. He noted that, due to the unique characteristics of crypto exchanges and the broader industry, it is essential to create regulations that enable the Commission to thoroughly understand these exchanges and virtual financial asset service providers. He added that this initiative is a continuation of the SEC’s initial Regulatory Incubation Programme, which was designed to evaluate new fintech platforms and products and assess their associated risks.
The commission also put in place a sound box initiative which provides the commission with a platform to better understand the fintech ecosystem.
The SEC DG noted that the aim is to bring cryptocurrency exchange into the regulated environment, which will create more opportunities for Nigerian youths who are interested in digital assets.
