Securities and Exchange Commission (SEC) institutes a fintech division to study crypto investments to bring out regulations that will help investors protect their investment in blockchain.
In earlier reports, Nigeria continues to be an ideal ‘hunting ground’ for crypto scammers where several investors continuously lose their money to criminals who also take advantage of the country’s lack of laws regulating crypto currencies.
To protect investors, Nigerian regulators like the SEC have issued warnings while the central bank has gone as far as to block the crypto industry’s access to the banking ecosystem.
To better it, the research findings will help inform the SEC of the best ways to regulate cryptocurrency should the Central Bank of Nigeria (CBN)’s February 6 directive be lifted.
However, some Nigerian crypto enthusiasts believe that the naira’s depreciation is the reason behind Central Bank of Nigeria (CBN) and other regulators’ desire to control the crypto Industry. The authorities have imposed restrictions both on crypto and non-crypto entities.
Contrasted to the CBN’s hardline approach, Mr. Yuguda, the director-general of the SEC, insists his organization wants to “work with fintech firms to boost the marketing of domestic securities to prevent capital flight.”
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