Securities Exchange Commission (SEC) has revealed that 50 cryptocurrency exchanges have applied for operational licenses in Nigeria.
Gatekeepers News reports that the commission, according to Emonotimi Agama, Director-General of the SEC, has accepted seven firms into its programs and is assessing additional license applications.
“Our work at the SEC is to protect investors and foster market development,” Agama said during a fireside chat at the BusinessDay Blockchain Conference in Lagos. “The commission is open to innovation. Businesses must meet regulatory and compliance requirements to ensure the growth of a stable and sustainable digital economy.”
Agama also emphasised the importance of regulation in the cryptocurrency space, stating that the government is receptive to crypto and blockchain because it has seen the country’s youths adopt the technology.
“For innovators, we encourage you to seize the opportunity to develop blockchain solutions tailored to Africa’s unique needs,” he said. “Focus on solving real-world problems, such as financial exclusion, inefficient supply chains, and lack of transparency in governance.”
Buchi Okoro, CEO of Quidax, also spoke at the conference, highlighting the importance of regulation in checking operators’ activity in the space and protecting investors.
“Regulation helps check operators’ activity in the space and protect investors,” Okoro said. “So much fraud is being carried out with crypto. While the fraud rate is alarming, it pales in comparison with those done through traditional channels.”
Okoro also noted that more criminality will emerge and will dissipate as more genuine entities embrace the market.
