Why We Approved Crypto Exchanges - SEC Explains

On Wednesday, the Securities and Exchange Commission (SEC), explained that it granted approval-in-principle to two crypto exchanges recently to give Nigerian youths the opportunity for capital market participation.

The News Agency of Nigeria (NAN) reports that SEC, on Thursday, granted Busha Digital Ltd., and Quidax Technologies Ltd., “approval-in-principle” to commence operation under the Accelerated Regulatory Incubation Program (ARIP).

Dr Emomotimi Agama, Director General of SEC, gave the clarification in a statement made available in Lagos.

Agama said that in line with the desire of President Bola Tinubu to engage with the youths, it became important to create a structure that will enhance their participation, as well as other Nigerians in the market.

“It is important that we act accordingly. We can not be left out of the global phenomenon that is beginning to take shape.

“SEC, as a future looking institution, is poised to making sure that we are in the league of countries that do what is needed.

“As much as possible, we are building talents to be able to deal with the challenges that these asset classes could bring to our shores.

“A lot of young Nigerians are fully involved in cryptocurrencies and we cannot shut the door against them, rather the intention of the president is to have them included in the capital market.

“That is why SEC is ensuring that there is regulation and no one is hurt at the end of the day, which is part of our responsibility to protect investors and develop the market,” he said.

According to Agama, the commission is doing all of these cautiously to ensure that these institutions do not pose risks to the national economy and to citizens who invested in them.