{"id":11750,"date":"2021-09-04T22:54:18","date_gmt":"2021-09-04T22:54:18","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/report-nigerian-securities-and-exchange-commission-sets-up-fintech-division-for-crypto-research\/"},"modified":"2021-09-04T22:54:18","modified_gmt":"2021-09-04T22:54:18","slug":"report-nigerian-securities-and-exchange-commission-sets-up-fintech-division-for-crypto-research","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/report-nigerian-securities-and-exchange-commission-sets-up-fintech-division-for-crypto-research\/","title":{"rendered":"Report: Nigerian Securities and Exchange Commission Sets Up Fintech Division for Crypto Research"},"content":{"rendered":"

Nigeria\u2019s securities regulator, the Nigerian Securities and Exchange Commission (SEC) has set up a fintech division \u201cto study crypto investments.\u201d This was revealed by Lamido Yuguda, the director-general of the SEC during an interview.<\/strong><\/p>\n

Protecting Crypto Investors<\/h2>\n

In the interview<\/a>, Yuguda explains that the study\u2019s findings will help inform the SEC of the best ways to regulate cryptocurrency should the Central Bank of Nigeria (CBN)\u2019s February 6 directive<\/a> be lifted. However, the director-general did not provide a time frame for issuing regulations or state when he expects the CBN directive to be lifted.<\/p>\n

Meanwhile, in the same interview, Yuguda explains why his organization is eager to come up with crypto regulations. He explained:<\/p>\n

We are looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain.<\/p>\n

As previously reported<\/a> by Bitcoin.com News, Nigeria continues to be an ideal hunting ground for crypto scammers. Many unsuspecting investors continue to lose money to criminals who also appear to take advantage of the country\u2019s lack of laws regulating cryptocurrencies.<\/p>\n

Therefore, in order to protect investors, Nigerian regulators like the SEC have issued warnings while the central bank has gone as far as to block the crypto industry\u2019s access to the banking ecosystem.<\/p>\n

<\/p>\n

The Real Reason Behind the Desire to Control Crypto<\/h2>\n

However, some Nigerian crypto enthusiasts believe that the naira\u2019s continuing depreciation is the real reason behind CBN and other regulators\u2019 desire to control the crypto industry. The continuing shortages of foreign exchange versus the rising demand are blamed for accelerating the naira\u2019s decline against major currencies. Cryptocurrencies are another way individuals can preserve value outside of the faltering naira.<\/p>\n

In response to this worsening situation, authorities have imposed restrictions both on crypto and non-crypto entities<\/a> like the Bureau de Change operators. In addition, the CBN recently took action<\/a> against six fintech companies after they allegedly violated provisions of their operations licenses.<\/p>\n

Yet in contrast to the CBN\u2019s hardline approach, Yuguda insists his organization wants to \u201cwork with fintech firms to boost the marketing of domestic securities to prevent capital flight.\u201d He adds that the \u201cSEC is looking to boost savings through investment schemes, which currently have over $9.7 billion under management split between public and private fund managers.\u201d<\/p>\n

What are your thoughts on this story? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, CBN crypto ban, Central Bank of Nigeria, Crypto regulation, Fintech, investor protection, naira depreciation, Nigeria Securities and Exchange Commission<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s securities regulator, the Nigerian Securities and Exchange Commission (SEC) has set up a fintech division \u201cto study crypto investments.\u201d This was revealed by Lamido Yuguda, the director-general of the SEC during an interview. Protecting Crypto Investors In the interview, Yuguda explains that the study\u2019s findings will help inform the SEC of the best ways…<\/p>\n","protected":false},"author":0,"featured_media":11751,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11750"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11750"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11750\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11751"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}