The Director-Common of the Securities and Trade Fee, Emomotimi Agama, has reiterated the fee’s dedication to sustaining excessive standards in cryptocurrency regulations.
Agama made this disclosure on the current BusinessDay Blockchain Convention in Lagos, emphasising that the capital market regulator is not going to compromise on its regulatory framework for cryptocurrencies.
In a video obtained by The PUNCH on Sunday, Agama stated the SEC was open to suggestions and recommendations from stakeholders however wouldn’t calm down its standards to accommodate the pursuits of market gamers.
“In case you can’t meet sure standards, you’ll battle with compliance, and I can inform you from my 30 years of expertise in this market that non-compliance means failure.
“I perceive your enthusiasm and zeal, however it’s essential to work collectively to obtain success. We’re a listening fee, and we worth your affordable recommendation,” the SEC DG said.
The regulator has confronted criticism from crypto operators for its stringent regulatory measures.
They argued that these regulations create limitations to entry for a lot of crypto companies, successfully limiting competitors and innovation.
The SEC’s strategy has included hefty penalties for non-compliance, equivalent to fines reaching hundreds of thousands of naira for corporations working with out correct registration.
On April 19, Agama changed Lamido Yuguda, who had served as SEC DG since Might 2020.
Upon assumption of workplace, the SEC DG in Might introduced that the naira could be delisted from all peer-to-peer cryptocurrency platforms.
On the time, Agama emphasised the necessity for collective motion to deal with considerations relating to peer-to-peer buying and selling and its influence on the nationwide forex.
Talking additional on the convention, the DG urged crypto gamers and operators to give attention to cooperation and sustaining excessive standards to construct lasting establishments.
Agama famous that many have failed regardless of having revolutionary concepts due to an absence of collaboration and adherence to regulatory necessities.
He additionally highlighted the broader duty of people and establishments to prioritise nationwide pursuits and defend Nigeria from exterior influences.
“It’s essential for you to act with the nation’s well-being in thoughts to guarantee long-term prosperity,” the DG said.
He known as on the gamers to act responsibly and prioritise the pursuits of Nigeria, regardless of the federal government’s actions being guided by delicate, private info.
Agama emphasised the significance of safeguarding nationwide pursuits and remaining cautious of exterior influences that won’t align with Nigeria’s finest pursuits.