Emomotimi Agama, the Director General of Nigeria’s Securities and Exchange Commission (SEC), noted that young Nigerians are increasingly adopting cryptocurrencies, attracted by their secrecy and the accessibility of crypto wallets over traditional bank accounts. Speaking at the Annual Conference of the Association of Capital Market Academics of Nigeria, he emphasized that crypto usage is driven by its inherent freedom, likening it to air that cannot be contained.
Regulatory Stance and Warnings
Despite acknowledging the popularity of cryptocurrencies—citing a study that claims one-third of Nigerians use them—Agama stressed that the SEC will continue to caution the public about the potential risks of crypto investments. He pointed out that while the SEC aims to manage risks, global crypto regulation remains underdeveloped.
Also Read: Nigerian SEC Projects $52.5 Million Crypto Market by 2028
Calls for Regulation
During the conference, Osita Izunaso, Chairman of the Senate Committee on Capital Market, underscored the need for regulation to protect users from fraud. Similarly, Bello Hassan, Managing Director of the Nigeria Deposit Insurance Corporation, urged the SEC to provide clear information about the risks associated with crypto trading, ensuring that users make informed decisions.
The Future of Crypto Regulation in Nigeria
Looking ahead, the Nigerian SEC aims to develop a comprehensive regulatory framework that balances innovation with investor protection. This framework will seek to mitigate risks while fostering a secure environment for crypto activities. Agama emphasized that collaboration with international regulators and continuous monitoring of the evolving crypto landscape will be crucial in shaping effective policies.
