Nigerian Finance Minister Urges SEC Board to Tackle Crypto Regulation Challenges

cryptonews.com:

Nigeria’s Minister of Finance and Coordinating Minister of the Economy has called upon the newly inaugurated board of the Securities and Exchange Commission (SEC) to address the complexities of regulating cryptocurrencies.

In a statement released during the board’s inauguration in Abuja, Wale Edun emphasized the need for stringent oversight to maintain market integrity in the capital market.

“The SEC board should be willing to accept the challenge of regulating these new areas, particularly crypto, as they are fast-moving complex areas,” he said.

Edun expressed concerns that companies could exploit minimal registration requirements to falsely claim they were licensed.

He also warned against regulatory arbitrage, whereby companies with sophisticated transactions opt for the lowest level of registration to create the impression of being licensed and regulated.

“Ensure top-notch corporate governance practices, quickly identify and disclose conflicts, and adhere to global best practices. Do not become stumbling blocks for those awaiting processes and approvals.”

The finance minister highlighted the rapid developments in areas such as artificial intelligence, digital currency, and overall digital transitions, emphasizing the importance of the SEC being knowledgeable and proactive in these evolving fields.

According to Edun, the financial sector is undergoing rapid transformation, with innovations in fintech, AI, and crypto.

To provide necessary approvals and guidance, the SEC must stay informed and adaptable.

In response to the minister’s remarks, the Chairman of the SEC board, Mairiga Katuka, assured Edun that the board would utilize its collective expertise, innovation, and passion to drive growth.

“The nation’s future economic