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Nigerian Senate Advocates for Cryptocurrency Regulation

Published by Tope Fakinlede on May 27th, 2024.

Nigerian Senate Advocates for Cryptocurrency Regulation

On Monday, the Senate Committee on Capital Markets called for the regulation of cryptocurrency to ensure accountability and the protection of investors’ funds.

Committee Chairman Senator Osita Izunaso addressed the press in Abuja following the committee’s closed-door screening of Dr. Emomotimi Agama, the newly appointed Director-General of the Securities and Exchange Commission, and three executive commissioners.

Izunaso emphasized the necessity of cryptocurrency regulation, noting that Nigerians are actively trading in crypto. “We need to regulate cryptocurrency because Nigerians are involved in it. If we don’t regulate the crypto market, where is the money going?” he questioned. “You can’t stop them from trading in crypto, so you have to regulate it.”

He also highlighted the potential economic benefits of investing in the stock exchange and capital markets. “President Bola Tinubu aims for a N1 trillion economy, achievable through the stock exchange and capital market,” Izunaso stated. “Increased government activity in the stock exchange, capital market, commodities exchange, and cryptocurrency will inject more money into the system.”

Izunaso pointed out that the lack of liquidity is a significant issue for the Nigerian economy. “This lack of liquidity is devaluing the naira. Developing our capital and crypto markets will bring more liquidity and help address these issues.”

Dr. Emomotimi Agama, the newly appointed Director-General, pledged to advance the capital market to boost wealth creation, attract investments, and create jobs. “We aim to bring innovation and development to the Nigerian capital market. Our goal is to turn it around and support the President’s vision for a N1 trillion economy,” Agama said.

He assured that the new team, appointed by President Tinubu, is committed to making significant changes. “With innovative programs, we aim to create world-class companies and ensure wealth redistribution,” Agama concluded.