The Securities and Exchange Commission (SEC) has joined the
Central Bank of Nigeria (CBN) to ban crypto trading.
SEC has stopped admittance of affected persons into its
Regulatory Incubation Framework for Fintech firms.
In a statement on Thursday, SEC said it received inquiries
on a perceived policy conflict between its September 11 statement on Digital
Assets, Classification and Treatment and the February 5 CBN circular.
The commission stressed that there were no contradictions or
inconsistencies.
It clarified that last year’s statement was to provide
regulatory certainty within the digital asset space, due to the growing volume
of reported flows.
SEC said as the regulator of the banking system, the CBN has
identified certain risks that threaten investors’ protection.
The commission disclosed that it engaged with the CBN and
agreed to work together to further analyse and better understand the risks.
“For the purpose of admittance into the SEC Regulatory
Incubation Framework, the assessment of all persons (and products) affected by
the CBN Circular of February 5, 2021, is hereby put on hold until such persons
are able to operate bank accounts within the Nigerian banking system”, it
announced.
It said planned implementation of the Regulatory Incubation
Guidelines for FinTech firms who intend to introduce innovative models for
offering capital market products and services will continue.
SEC added that it would keep monitoring developments in the
digital asset space to create a regulatory structure that enhances economic
development and promotes a safe and transparent capital market.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com