Nigeria’s Finance Minister, Wale Edun, has urged the newly inaugurated Securities and Exchange Commission (SEC) board to create stringent cryptocurrency regulations. This call was made during the board’s inauguration in Abuja.
Edun emphasized the need for oversight in the fast-moving crypto sector to maintain the integrity of Nigeria’s capital market. The seven-member SEC board, approved by President Bola Tinubu on April 19, 2024, includes key figures like Mairiga Katuka and Emomotimi Agama.
Following their appointment, the SEC announced plans to update regulations, including a special compliance program, ARIP, to aid crypto entities. However, Edun expressed concerns over minimal registration requirements and urged for robust corporate governance.
He also highlighted the importance of staying informed on digital currency, AI, and digital transitions. Katuka assured that the SEC aims to foster a resilient financial ecosystem, supporting Nigeria’s future economic growth.
These regulatory efforts occur amid Nigeria’s legal issues with crypto exchange Binance. Despite challenges, these steps are crucial for Nigeria’s long-term financial stability and growth in the digital economy.
