The Securities and Exchange Commission has said it is in discussion with the Central Bank of Nigeria on how to better understand and regulate the cryptocurrency market in the country. “It became imperative for the commission to issue this notice for the protection of investors and to preserve the sanctity of the Nigerian capital market as only registered capital market operators are permitted to intermediate in the Nigerian capital market and only through approved channels,” he said in a press briefing at the end of the Capital Market Committee meeting. He said, “We do not want any unregulated entity to participate in the market because if there are issues, it becomes very difficult to resolve. I therefore encourage fintech firms to approach the commission for due registration and desist from operating illegally. “In the same vein, registered CMOs are advised to refrain from providing any form of support to unregistered entities operating unlawfully within our market, as such action would not be condoned.

Source: Punch April 16, 2021 01:18 UTC