SEC working with CBN to lift ban on cryptocurrencies trading


The Securities and Exchange Commission has said it is working with the Central Bank of Nigeria (CBN) for better understanding and regulation of cryptocurrencies.
The Director General, Lamido Yuguda, stated this at the 2021 first post-Capital Market Committee (CMC) virtual news conference.
Yuguda said the SEC was in discussion with the CBN to understand better and regulate the crypto-assets market.
According to him, the commission had suspended the implementation of crypto assets guidelines due to a lack of access to Nigerian bank accounts.
“We are in discussion with CBN for both understanding and better regulating of this market. We will be able to come back to you later to inform you of the outcome of these engagements.
“But because of the lack of access to commercial bank accounts, we had to suspend our own guidelines of September 2020. The implementation of that circular is suspended until these operators are able to have access to Nigerian bank accounts,” he noted.
Speaking further, he stated, “Remember that nobody operates in the Nigerian capital market if that person does not have access to a Nigerian bank account.”
“Yuguda, however, said SEC remained supportive of fintechs and had invested so much in developing a framework to support their operations.
Report by News Agency of Nigeria (NAN)


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