The Securities and Exchange Commission, SEC, says the investment opportunities in cryptocurrency has made it valuable and significant to Nigeria.
The Head of Department, Registration, Exchanges, Market Infrastructure and Innovation Department of SEC, Timi Agama, during a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja said the commission would regulate the market.
Agama added that although SEC or the capital market would not accommodate or encourage any fraudulent practices as cryptocurrency was a market to look into.
According to him, the world will not be moving forward, while the country remains static.
He explained that part of the desire of the SEC even is to provide a regulatory framework that will take care of all the global challenges associated with cryptocurrency trading and digital assets.
“For us at SEC and capital market, it is something to look at, the world cannot be moving forward and we will be static, no.
“It is important for us to review, understand, appreciate and introduce regulations that will guide the movement of the market in this direction. A market that has opportunity for ICOs, derivatives, is not a market we can ignore.
He stated that the SEC was working with other regulators to analyse the market to make ensure there is a level playing field where Nigerians, international investors and potential investors in the ecosystem would be comfortable and happy.
“I hope that in doing that, we are going to be able to drive foreign portfolio investment, Foreign Direct Investment (FDI) into this country and build our capital market,” he added.