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Setback for crypto traders as SEC mulls Naira delisting from P2P platforms



The Securities and Exchange Commission (SEC) says there is the need to delist the Naira from cryptocurrency Peer-to-Peer (P2P) platforms.

The acting Director-General, SEC, Dr Emomotimi Agama, said this at a virtual meeting with blockchain stakeholders on Monday in Abuja. Peer-to-Peer is a term that refers to the direct exchange of an asset, such as a virtual currency, between individual parties without the involvement of a central authority.

A strictly peer-to-peer currency exchange is the primary goal driving the creation of Bitcoin, the most widely used cryptocurrency.

Agama said the recent concerns regarding crypto P2P traders and their impact on the exchange rate of the Naira had underscored the need for collective action and dialogue within the financial market ecosystem. He said the move was to avoid the level of manipulation currently happening in the crypto space.

Agama, however, enjoined participants in the crypto space to name and shame those involved in disrupting the market negatively.
“SEC will not hesitate to utilise all the powers within its mandate to handle issues that are negative and pose a threat to national interest.

“The commission has come as a partner to seek collaboration in making sure that the capital market community is one that is respected globally for decency and fair play.

“For specific Digital Asset regulatory regime that many have been calling for, we want to assure you that we are working tirelessly to establish an accommodating regulatory guideline for digital assets.

“SEC as your regulator is desirous to work with you by providing a level of assurance that is needed by all that are operating within the rules of the market,” he said.

Agama said that the proposed regulatory guidelines would include all cryptocurrency ecosystem ranging from wallet providers, digital asset custodians and fund managers and cryptocurrency crowdfunding, among others.

Agama assured the Blockchain Industry Coordinating Committee of Nigeria of the commission’s readiness to work with all stakeholders in the cryptocurrency ecosystem.

The Chairman of the Fintech Association of Nigeria, Dr Babatunde Obrimah, pledged their commitment to work with SEC and to grant the commission the support needed to sanitise the virtual ecosystem.

He called on SEC to set up a working group to tackle various challenges facing the crypto space to move the market forward. (NAN)

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