The Director-General, Securities and Exchange Commission (SEC), Lamido Yuguda has disclosed that the commission is working alongside the Central Bank of Nigeria (CBN) for a better understanding and regulation of cryptocurrencies in the country.
Mr. Yuguda made the disclosure during the virtual 2021 first post-Capital Market Committee (CMC) conference, saying the commission was in discussions with CBN to better understand the crypto assets and workings. He noted that the suspension on cryptocurrency asset guidelines in the country was due to the lack of access to Nigerian bank accounts, adding that the commission remains supportive of Fintechs and also invested in developing a framework to support its operations.
“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.
“Remember that nobody operates in the Nigerian capital market if that person does not have access to a Nigerian bank account,” he said.