Crypto regulation: Nigeria’s SEC Hints Some Applicants May be Disqualified

Written By: Flipbz.org

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emotimi Agama, has hinted that some crypto companies, that have applied to be registered by the Commission may not meet the requirements to get its approval.

Agama stated this at a meeting with applicants under its Regulatory Incubation (RI) and Accelerated Regulatory Incubation Programme (ARIP) its two regulatory windows for crypto players in Nigeria.

Nairametrics recalls that two crypto exchanges, Quidax and Busha were recently granted an approval-in-principle by the SEC to operate as legally recognised exchanges in Nigeria under its ARIP program.

At the time, the Commission also noted that there were several other applications under consideration.

While admitting that it would be difficult to assure that all the applicants would be registered, Agama at the meeting said:

“Certainly, not all of them will meet the requirements. The commission will keep providing clarity to some knotty areas to assist in the process.” 

SEC Committed to Transparency

Agama at the meeting assured stakeholders in the crypto space of the SEC’s commitment to ensure transparency and integrity in crypto regulation, adding that the commission had provided a level playing field to all applicants.

Agama noted that SEC understood the anxiety and the need to be regulated, but being careful, even in its desire to be inclusive.

He said that the process of registration was very technical because registration was the hallmark of regulation.

“Registration goes beyond onboarding and registering, it requires monitoring, education, and surveillance, and all of these are continuous,” he said.