Highlights:
- Nigeria’s Senate proposes cryptocurrency regulation to stabilize the national economy.
- Senator Izunaso emphasizes the need for accountability in Nigeria’s growing crypto market.
- New SEC Director-General Dr. Agama pledges to enhance capital market growth and create jobs.
The Senate Committee on Capital Markets in Nigeria, spearheaded by Senator Osita Izunaso, is setting the stage for cryptocurrency regulation. In a recent meeting with Dr. Emomotimi Agama, the newly appointed Director-General of the Securities and Exchange Commission (SEC), Izunaso highlighted the necessity of regulation in the crypto sphere to ensure economic stability and investor protection.
“Considering the vast number of Nigerians trading in cryptocurrencies, it’s pivotal that we introduce regulations,” stated Senator Izunaso. He stressed that without proper regulatory frameworks, the country risks losing control over the financial activities and potential revenues generated through crypto trading.
Economic Boost through Crypto Regulation
The push for cryptocurrency regulation is part of a broader economic strategy under President Bola Tinubu’s administration. The strategy aims to achieve a trillion-naira economy through various financial sectors, including the capital markets. By incorporating crypto regulation, the government hopes to attract more investments and enhance liquidity, which is crucial for the Naira’s stability against global currencies.
During his briefing, Senator Izunaso articulated how regulated crypto markets could inject money into the economy and alleviate liquidity issues. “Developing our crypto market could bring the necessary liquidity to help cushion economic challenges,” he explained.
Dr. Agama supports the committee’s vision and is committed to fostering innovations within the capital market. “Our team is determined to transform the Nigerian capital market, facilitating wealth creation and significant economic growth,” he conveys.
The SEC’s new leadership plans to introduce programs and strategies to advance the capital market. This will ensure fair wealth distribution among Nigerians and consequently contribute to overall economic development
