Grapevine

Why we granted approvals to Crypto Exchanges – SEC

The Securities and Exchange Commission has emphasised that the approval-in-principle granted to two crypto exchanges recently is in line with the commission’s desire to ensure that youths in Nigeria are given the opportunity to participate in the capital market.

The Director General of the SEC, Emomotimi Agama, who stated this during a meeting in Abuja Wednesday, said that in line with the desire of President Bola Ahmed Tinubu to engage with the youthful population in the country, it became important to create a structure that will enhance that participation of the youths and other Nigerians in the market.

The commission had last week granted approvals to Busha Digital Limited and Quidax Technologies Limited.

According to the SEC DG, “It is important that we act accordingly, we are a country but we cannot be left out of the global phenomenon that is beginning to take shape. The SEC as a future looking institution is poised to making sure that we are in the league of countries that do what is needed.

“As much as possible, we are building talents to be able to deal with the challenges that these asset classes could bring to our shores. A lot of young Nigerians are fully involved in it and we cannot shut the door against them, rather the intention of Mr. President is to have them inclusive in the capital market and that is why we are ensuring that there is regulation and no one is hurt at the end of the day. That’s our responsibility at the SEC by protecting investors and developing the market”.