The Minister of Finance and Coordinating Minister of the Economic system, Wale Edun, has referred to as on the newly inaugurated board of the Securities and Trade Fee to tackle the complexities of regulating cryptocurrencies and guarantee stringent oversight to keep market integrity within the capital Market.
In an announcement made out there to The PUNCH on Monday, Ebun disclosed that in the course of the board’s inauguration on Monday in Abuja.
“The SEC board ought to be keen to settle for the problem of regulating these new areas, significantly crypto, as they’re fast-moving advanced areas.
He cautioned that corporations would possibly exploit minimal registration to falsely declare they have been licensed, and the SEC ought to guarantee strict oversight to protect market integrity.
“You have to additionally be careful for regulatory arbitrage, the place an organization with a portfolio of giant, refined transactions now comes and takes the bottom stage of registration that they will simply to allow them to say they’re licensed and controlled.
“Guarantee top-notch company governance practices, rapidly determine and disclose conflicts, and cling to world finest practices. Don’t grow to be hindrances for these awaiting processes and approvals,” he defined.
Edun urged the members of the newly inaugurated SEC board to undertake revolutionary methods to regulate the nation’s capital market.
He highlighted the fast-paced improvement in areas, resembling synthetic intelligence, digital foreign money, and general digital transitions, stressing the need for the SEC to be educated and proactive.
“The highest minds are gravitating in direction of finance and know-how,” Edun said, “Not like primary industries with settled applied sciences, the monetary sector is quickly evolving with improvements in fintech, AI, and crypto. To offer essential approvals and steerage, the SEC should keep knowledgeable and adaptable.”
Responding, the Chairman of the SEC board, Mairiga Katuka, assured the minister that the board would leverage its collective experience, innovation, and fervour to drive development.
Katuka expressed optimism about Nigeria’s future financial outlook, citing reforms by the present administration that have been driving financial development.
He emphasised that with diligence, integrity, and a shared sense of goal, the board would contribute to a extra affluent and resilient monetary ecosystem.
“The nation’s future financial outlook seems optimistic, pushed by reforms put in place by the present administration together with strong inflation administration, social safety, macroeconomic stability initiatives and improved non-public sector improvement. These initiatives would undoubtedly engender financial development,” he added.