Fun

Nigerian minister urges SEC to tackle crypto regulation challenges

News Feed - 2024-07-10 04:07:27

Amaka Nwaokocha1 hour agoNigerian minister urges SEC to tackle crypto regulation challengesNigeria’s cryptocurrency regulations are currently being updated.453 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on the newly inaugurated Securities and Exchange Commission (SEC) board to address the complexities of cryptocurrency regulation.


According to local media, Edun emphasized the need to ensure stringent oversight, especially in fast-moving and complex areas such as cryptocurrencies, to maintain market integrity in Nigeria’s capital market during the board’s inauguration in Abuja.Minimal registration requirements


Edun warned that companies might exploit minimal registration requirements to falsely claim they are licensed, undermining market integrity. Highlighting the potential for regulatory arbitrage, he urged the SEC to implement top-notch corporate governance practices, swiftly identify and disclose conflicts and adhere to global best practices.


The minister also encouraged the newly inaugurated SEC board members to adopt innovative strategies to regulate the country’s capital market effectively. He stressed the importance of staying informed and proactive amid rapid developments in artificial intelligence, digital currency and overall digital transitions.“Unlike basic industries with settled technologies, the financial sector is rapidly evolving with innovations in fintech, AI and crypto. To provide necessary approvals and guidance, the SEC must stay informed and adaptable.”SEC pledges innovation and growth


In response, the Chairman of the SEC board, Mairiga Katuka, assured the minister that the board would leverage its collective expertise, innovation and passion to drive growth.


Katuka expressed optimism about Nigeria’s future economic outlook, citing reforms by the current administration that are fostering economic growth.


Related: Nigerian SEC mandates local offices for crypto firms


The SEC chairman emphasized that the board would contribute to a more prosperous and resilient financial ecosystem with diligence, integrity and a shared sense of purpose.


On April 19, 2024, Nigerian President Bola Tinubu approved the appointment of seven persons to the SEC board. They included Katuka, Emomotimi Agama (director-general), Frana Chukwuogor (executive commissioner of legal and enforcement) and Bola Ajomale (executive commissioner of operations).


Following the appointments, the SEC amended its rules on digital asset issuance, offering platforms, exchange and custody, outlining its plans to update these critical regulations. The amendment process is designed to enhance the regulatory environment, making it more comprehensive and responsive to the complexities of digital asset markets.


Magazine:Memecoins: Betrayal of crypto’s ideals… or its true purpose?# Bitcoin# Cryptocurrencies# Law# Government# Nigeria# SEC# Tokens# RegulationAdd reaction

News Feed

Pantera launches fundraise to buy $250 million of SOL from FTX estate: Report
Zoltan Vardai12 hours agoPantera launches fundraise to buy $250 million of SOL from FTX estate: ReportThe $5.2 billion asset management giant is eyeing FTX’s discounted SOL stack worth around $5.4 billion.2099 Total vi
Tom Blackstone4 hours agoConnext founder proposes ‘Sovereign Bridged Token’ standard after Multichain incidentEIP-7281 will allow token issuers to list official bridges and limit the rate at which they can mint token
Permission․io Is Migrating to Polygon Network to Globally Scale Web3 Advertising
Permission․io Is Migrating to Polygon Network to Globally Scale Web3 Advertising press release PRESS RELEASE.San Diego, CALIF. –April 26, 2022 – Permission.io, the l
Iranian officials decry blockchain game 'Hamster Kombat' as soft power tool
Vince Quill1 hour agoIranian officials decry blockchain game "Hamster Kombat" as soft power toolThe deputy chief of the Iranian military claimed the game was a way of distracting Iranians from the country"s upcoming pres
SEC’s spot Ether ETF concerns unfounded, Consensys asserts
Amaka Nwaokocha13 hours agoSEC’s spot Ether ETF concerns unfounded, Consensys assertsConsensys highlighted that Ethereum boasts a larger developer community than Bitcoin and operates on a fully transparent and public b
William Suberg44 minutes agoBTC price nears 2023 highs — 5 things to know in Bitcoin this weekBitcoin is back near its year-to-date highs, but BTC price moves belie an underlying lack of support, analysis fears.716 Tot
Seized Silk Road Bitcoin Worth $3 Billion Likely Linked to Disgraced US Secret Service Agent
Seized Silk Road Bitcoin Worth $3 Billion Likely Linked to Disgraced US Secret Service Agent Over $3 billion worth in bitcoin seized by the U.S. Department of Ju
TRON Targets $5 As Stablecoin Supremacy Drives Market Surge — Analyst
Este artículo también está disponible en español. The market activity of TRON (TRX) has experienced a remarkable surge, resulting in the company making headlines. In Nove
Bitcoin, Ethereum Technical Analysis: ETH Falls to 15-Month Low to Start the Weekend
Bitcoin, Ethereum Technical Analysis: ETH Falls to 15-Month Low to Start the Weekend Crypto prices plunged as the weekend commenced, following yesterday’s U.S. inflation rep
An In-Depth Look at the 5 Most Profitable Bored Ape NFT Traders of All Time
An In-Depth Look at the 5 Most Profitable Bored Ape NFT Traders of All Time Non-fungible tokens (NFTs) have been extremely popular during the last two years and in recent times, sp
Omni Network token falls 55% after airdrop, fake token completely rugs
Jesse Coghlan2 hours agoOmni Network token falls 55% after airdrop, fake token completely rugsOmni Network’s token price has halved just 18 hours after its test net users and some NFT holders were airdropped the token.
Bitcoin Consolidates as Realized Profits Stay Low – No Signs Of Major Sell-Off Yet
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu