Crypto is like air, Nigerian government can’t cage it: SEC
The Securities and Exchange Commission (SEC) says it controls and regulates cryptocurrencies and other digital assets but admits it is impossible to “cage” it, describing it as “air.”
SEC director-general Emomotimi Agama said this at the first Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) on Thursday in Abuja.
Mr Agama described crypto assets as digital or virtual assets utilised by cryptography for security. He said over 15,000 cryptocurrencies were created, with Bitcoin being the most popular.
The director-general said the regulatory landscape for cryptocurrency was not yet firm, even in the United States.
According to him, Nigeria’s crypto transaction volume reached $56.7 billion between July 2022 and June 2023, hence the SEC’s efforts.
Mr Agama said 33.4 per cent of Nigerians used or owned cryptocurrencies, citing a survey.
”Secrecy of crypto usage is what is driving its adoption by the youth. Some people don’t have bank accounts, but they have crypto wallets. Crypto is like air. Can you cage it? No. What you can do is to build a risk management around it,” he said.
Mr Agama said the commission would continue to educate investors on the risks associated with digital assets so that they could make wise investment decisions.
Osita Izunaso, the Senate Committee on Capital Market chairman, said the country required effective crypto regulation to benefit from the market’s gains.
Mr Izunaso said the absence of effective regulation on crypto currencies had exposed many investors to fraud. He called for the synergy of all stakeholders to harness crypto opportunities.
The director-general of the Debt Management Office, Patience Oniha, called for awareness to be created to educate investors and help them make informed decisions.
Bello Hassan, the managing director of the Nigeria Deposit Insurance Corporation, said that crypto currencies had come to stay as younger people were patronising the market.
Mr Hassan called on the SEC to constantly update investors with unbiased information on the associated risks of trading in the crypto market.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Olubadan lauds Tinubu on release of Oriire kidnap victims, urges rehabilitation
“As a follow-up to this development, the government must ensure that all communities bordering the National Park are fully secure,” he said.
Heading 1
Iran’s new supreme leader vows revenge over father’s assassination by U.S.-Israeli forces
“We pledge to avenge the blood of the martyred leader and all the martyrs of these two wars from the criminal and disgraced killers,” he said.
Heading 4
Trump administration subpoenas New York Times journalists over Air Force One story
The subpoenas seek to compel the reporters to testify before a federal grand jury in Manhattan.
Heading 2
Klopp agrees to replace Nagelsmann as Germany coach
Nagelsmann resigned last week as the men’s national team coach following Germany’s shocking exit from the 2026 FIFA World Cup.
Health
FG expands cancer funding, local drug production
“We are trying to domesticate expensive treatments by producing much-needed medicines locally and translating global research into action in our clinics,” he said.
Heading 3
Remi Tinubu begs Asake, Davido, Burna Boy to come rescue poor Nigerians from hunger
The first lady stated that buying exotic cars is good, but noted that the singers can still establish foundations to assist the struggling population.
