The Securities and Exchange Commission (SEC) revealed that it is working with the Central Bank of Nigeria (CBN) for adequate understanding and regulation of cryptocurencies in the country.
The Director-General, SEC, Lamido Yuguda, said this at the 2021 first post-Capital Market Committee (CMC) virtual news conference.
Yuguda said that the commission had suspended the implementation of crytoassets guidelines due to lack of access to Nigerian bank accounts.
We are in discussion with CBN for both understanding and better regulating of this market.
We will be able to come back to you later to inform you of the outcome of these engagements.
But because of the lack of access to commercial bank accounts, we had to suspend our own guidelines of September 2020, the implementation of that circular is suspended until these operators are able to have access to Nigerian bank accounts.
Remember that nobody operates in the Nigerian capital market if that person does not have access to a Nigerian bank account.
Yuguda added that, SEC has remained very supportive to Fintechs and had invested so much in supporting their operations.
“Let me say that the SEC remains very supportive of fintechs.
“We have invested so much in developing a framework for supporting fintechs in the various areas and fintechs are acting in areas of crowd funding, investment advice and cryptocurrencies and the like,” he said.