Government Gets Tough On Illegal Virtual Asset Trading


The Securities and Exchange Commission (SEC) is cracking down on illegal trading in the virtual assets space to safeguard the integrity of the capital market and protect investors. Dr Emomotimi Agama, acting director-general of SEC, made this clear during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the umbrella body for major blockchain and cryptocurrency associations in Nigeria.


SEC is determined to use all its powers to address negative issues threatening national interests. Agama stressed the importance of abiding by the rules outlined in the Investments and Securities Act 2007. He assured stakeholders that SEC is working on regulatory guidelines for digital assets to provide assurance to market participants.


The proposed guidelines will cover various activities in the cryptocurrency ecosystem, ensuring inclusivity and proper regulation to contribute to economic progress. Agama emphasised the need for a balance between innovation and safeguarding national economic interests.


He called for cooperation in delisting the naira from peer-to-peer (P2P) trading to prevent manipulation. Agama urged industry players to name and shame bad actors disrupting the market. He also encouraged collaboration and cooperation among stakeholders to address challenges in the cryptocurrency sector.


Dr. Babatunde Oghenobruche Obrimah, chairman of the Fintech Association of Nigeria, commended SEC’s efforts and pledged support in sanitising the virtual ecosystem. BICCoN requested the establishment of a working group to address challenges in the crypto space and move the market forward.

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