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SEC and CBN work on the regulation of Cryptocurrency

The Securities and Exchange Commission (SEC) is working with the Central Bank of Nigeria (CBN) on the regulation of cryptocurrency.

The SEC Director-General, Lamido Yuguda disclosed this at the 2021 first post-Capital Market Committee (CMC) virtual news conference.

He explained that the commission suspended the implementation of crypto assets guidelines due to a lack of access to Nigerian bank accounts.

The public will be informed of the outcome of the engagements with the CBN, Yuguda added.

The official assured that SEC remained supportive of Fintechs and was developing a framework to support their operations.

“With the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted.

“Our aim is to ensure the delivery of safe products and services without stifling innovation”, Yuguda said.

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