The Securities and Exchange Commission (SEC) of Nigeria has made certain decisions in a bid to control the crypto market, especially P2P trading.
SEC’s Focus On P2P Trading
In a meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the SEC repeated its promise to protect the capital market’s integrity and investors’ interests by stopping illegal trading.
One of the main ideas from the SEC is to remove the naira from all P2P trading sites. This move aims to prevent manipulation of the naira’s value in the foreign exchange market.
The SEC is worried because players like Binance have been accused of manipulating Nigerian markets and harming the national economy.
Dr. Emomotimi Agama, the acting Director General of the SEC, stressed the need for everyone in the financial market to work together to address worries about crypto P2P traders and their impact on the naira’s exchange rate.
He explained that even though there are no specific rules for the digital assets market, existing rules like the Investments and Securities Act 2007 must be followed by everyone.
To enforce these rules, the SEC is making a regulatory guide for cryptocurrencies.
This guide will cover different activities in the cryptocurrency world, like wallet providers, digital asset keepers, fund managers, cryptocurrency crowdfunding, Initial Coin Offerings (ICOs), Security Token Offerings (STOs), Initial Exchange Offerings (IEOs), cryptocurrency exchange platforms, and virtual asset brokers.
The rules aim to make sure that every Nigerian in the crypto market is included, supported, and properly regulated.
See Also: Nigerian SEC Increases Registration Fees For Crypto Exchanges
Stakeholder Collaboration
The Securities and Exchange Commission (SEC) of Nigeria is highlighting the need for cooperation with stakeholders in the crypto market to ensure a market that is fair and respected.
In the recent online meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the SEC reaffirmed its commitment to working closely with all parties involved to create a market that is fair and respected worldwide.
Dr. Agama mentioned that the SEC sees itself as a partner seeking collaboration to ensure that the capital market community is respected globally.
The SEC’s cooperation with stakeholders in the cryptocurrency industry shows its commitment to creating a market that is fair, transparent, and respected globally.
By working together with stakeholders, the SEC aims to create rules that will benefit everyone in the crypto market.
See Also: 10 Best P2P Cryptocurrency Exchanges
Conclusion
The Securities and Exchange Commission (SEC) of Nigeria is taking steps to regulate the virtual assets market, particularly focusing on P2P trading (Peer-to-Peer).
In a recent meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the SEC discussed delisting the naira from P2P trading platforms to prevent manipulation of the currency’s value.
Additionally, the SEC emphasized the importance of collaboration with stakeholders to create a fair and respected market. This collaborative approach includes seeking input from stakeholders to establish a regulatory guideline for digital assets.
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