DeFi

Planet

<div class="intro-text">
 Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on the newly appointed board members of the Securities and Exchange Commission (SEC) to address the complexities of cryptocurrency regulation in the country.
</div>
According to a<a style="color: #0000ff;" href="https://punchng.com/minister-urges-sec-to-tackle-cryptocurrency-challenges/" rel="noopener noreferrer nofollow"> report from local media</a>, Punch, Edun emphasized the importance of robust oversight in rapidly evolving sectors like cryptocurrencies to maintain market integrity in Nigeria’s capital market during the board’s inauguration in Abuja on Tuesday, July 9, 2024.
Edun warned against the potential abuse of minimal registration requirements by companies falsely claiming licensing, which could undermine market credibility.
<blockquote>
 “You must also watch out for regulatory arbitrage, where a company with a portfolio of huge, sophisticated transactions now comes and takes the lowest level of registration that they can just so they can say they are licensed and regulated,”
</blockquote>
he reportedly stated.
The minister encouraged the board to adopt innovative regulatory approaches to effectively oversee Nigeria’s capital market amid advancements in artificial intelligence, digital currencies, and broader digital transformations. He also stressed the need for stringent corporate governance standards, prompt disclosure of conflicts, and adherence to international best practices.
<blockquote>
 “The financial sector evolves rapidly with advancements in fintech, AI, and crypto, unlike traditional industries with established technologies,”
</blockquote>
remarked Edun. 
<blockquote>
 “To provide necessary approvals and guidance, the SEC must remain agile and well-informed.”
</blockquote>
In response, SEC Chairman Mairiga Katuka assured the minister of the board’s commitment to leveraging collective expertise, innovation, and dedication to drive growth. Katuka expressed optimism about Nigeria’s economic future, citing ongoing reforms aimed at fostering economic expansion.
This development follows Nigerian President Bola Tinubu’s r<a style="color: #0000ff;" href="https://businessday.ng/news/article/tinubu-appoints-emomotimi-agama-as-new-dg-of-sec/" rel="noopener noreferrer nofollow">ecent approval of seven new appointments</a> to the SEC board, which included&nbsp; Mairiga Katuka as the Chairman and Emomotimi Agama as the Director-General of the regulatory body.
In the wake of these appointments, the SEC<a style="color: #0000ff;" href="https://sec.gov.ng/framework-on-accelerated-regulatory-incubation-program-arip-for-the-onboarding-of-virtual-assets-service-providers-vasps/" rel="noopener noreferrer nofollow"> announced</a> that it has revised rules on digital asset issuance, offering platforms, exchange, and custody to enhance the regulatory framework and better address the complexities of the digital asset market.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with Markets PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/07/nigerias-finance-minister-calls-on-new-sec-board-to-strengthen-crypto-oversight/" rel="noopener noreferrer nofollow">Nigeria’s Finance Minister Calls on New SEC Board to Strengthen Crypto Oversight</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Nigeria’s Finance Minister Calls on New SEC Board to Strengthen Crypto Oversight

DeFi Planet

Други статии, публикувани на 10.07.2024 г.

Payeer's Record Fine: A Landmark in Crypto Regulation

Bitcoin (BTC) Hints at Short-Term Bounce, Ethereum DeFi On Brink of Major Surge

Bulls Show Resilience as SOL & AVAX Rebound Despite German BTC Fears

Impact of Chain Abstraction on Web3 Adoption: Insights from Arcana Network’s Latest Developments

Will Solana (SOL) Experience a Strong Bearish Trend Soon?

The World Must Go Passwordless to End ‘the Morass of Data Breaches’ – An Exclusive Interview with...

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!