SEC Reassures Adequate Regulation To Grow Digital Assets Industry

The Securities and Exchange Commission(SEC) has assured stakeholders in the Digital Assets space of providing the necessary guidance that will grow the industry, create wealth for Nigerians and lead to economic growth and development.
Director-general of SEC, Dr. Emomotimi Agama, said the commission is willing to be patient in ensuring that majority of interested participants are carried along, saying, “We need to be patient in getting everybody on board to be able to provide the guidance that is needed for us to grow this industry, we need to grow this industry together.
“Over 80 per cent of our population are interested in this area and that is why the government is showing so much interest too. And if the government is interested in it, the government has a responsibility to protect the investors that will come into it.”
Agama said due to the developmental role of the commission, the SEC will develop the market while also ensuring that investors are protected, adding that the commission is stepping up its investor education mechanism to ensure that investors get the information they require to make informed investment decisions.
He said the SEC Nigeria’s Approach to Digital Asset Regulation recognises the potential of blockchain and digital assets to revolutionise the capital markets and that is why the commission has introduced several measures to ensure that these innovations are harnessed responsibly.
According to Agama, “We introduced the Accelerated Regulatory Incubation Program (ARIP) and Regulatory Incubation (RI) Program: The ARIP and RI Program were designed to on-board firms operating in the digital asset space and provide a controlled environment to test new models, products, and services.
“These programmes foster innovation while ensuring that robust consumer safeguards are in place. The recent approval-in-principle granted to two digital asset exchanges and five firms participating in these programs is a testament to our commitment to enabling innovation.”
Agama also noted that blockchain can drive significant social change, address difficult social issues, improving user experience and settlement speed and aid in financial inclusion and encourage creativity and innovation among others.
The SEC DG said, blockchain enables real-time transactions and settlements, reducing the time and costs associated with traditional financial services as this can lead to a more efficient and inclusive financial ecosystem, benefiting both individuals and businesses.