Cryptocurrency

CBN and SEC to Create Regulatory Guideline for Cryptocurrency Trading

CBN and SEC to Create Regulatory Guideline for Cryptocurrency Trading

CBN and SEC to Create Regulatory Guideline for Cryptocurrency Trading

  • The Securities and Exchange Commission has announced that it is working with the Central Bank of Nigeria to understand and regulate cryptocurrency trading

  • This is coming after the CBN banned financial institutions from initiating crypto transactions

  • The news was disclosed at the post-Capital Market Committee (CMC) by the Director-General of SEC, Lamido Yuguda

Nigeria’s Securities and Exchange Commission (SEC) has revealed that it is working with the Central Bank of Nigeria (CBN) to better understand and regulate cryptocurrency trading.

The information was passed by the Director-General of SEC, Lamido Yuguda during the virtual conference of the 2021 post-Capital Market Committee (CMC).

The news is coming after the CBN banned financial institutions from participating in transactions involving crypto assets.

The CBN also informed banks to close the accounts of individuals suspected to be carrying out crypto transactions.

Yugudu disclosed that the SEC had suspended the execution of crypto assets guidelines because of its failure to get access to Nigerian accounts.

Cryptocurrency trading

He added that the implementation of the guidelines will remain suspended till operators have access to Nigerian bank accounts.

…Because of the lack of access to commercial bank accounts, we had to suspend our own guidelines for September 2020. The implementation of that circular is suspended until these operators are able to have access to Nigerian bank accounts.

Read also: 4 Ways To Bypass CBN’s Ban On Crypto Exchange

Yugudu, however, stated that the SEC has done its best to support Fintechs and enhance their operations.

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