Virtual Assets: Federal Gov’t Goes Tough On Illegal Trading

In a bid to rid virtual assets space of illegal trading activities, the Securities and Exchange Commission (SEC) has said that it will go all out to act decisively to uphold the integrity of the capital market and protect the interests of all investors.

This was stated by the acting director-general of SEC, Dr Emomotimi Agama, during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the umbrella body of all major blockchain and cryptocurrency associations in Nigeria on Monday.

Agama stated that SEC will not hesitate to utilise all the powers within its mandate to handle issues that are negative and pose a threat to national interest, saying that the Commission has come as a partner to seek collaboration in making sure that the capital market community is respected globally for decency and fair play.

The SEC boss said the recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the Naira has underscored the need for collective action and dialogue within the financial market ecosystem.

He said, “There are basic practices as enshrined in the Investments and Securities Act 2007 and we expect that everyone will abide by those rules. Some may say no rules to play by, but do not forget that we have the Investments and Securities Act 2007 that some actions by participants today may be violating, hence the law is the law irrespective of the technology used.

“However, for specific Digital Asset regulatory regime that many have been calling for, we want to assure you that we are working tirelessly to establish an accommodating regulatory guideline for digital assets. The SEC as your regulator is desirous to work with you by providing a level of assurance that is needed by all that are operating within the rules of the market,” he stated.

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