Nigerian Senate Advocates for Cryptocurrency Trading Regulations

The Committee on Capital Markets of the Nigerian Senate has advocated for a framework to regulate cryptocurrency transactions within the nation. This announcement was conveyed by the committee’s head, Senator Osita Izunaso, following discussions with Dr. Emomotimi Agama, who has recently assumed the role of Director-General at the Securities and Exchange Commission (SEC).

“Regulatory measures for cryptocurrency are necessary, as there is an active engagement in crypto trading by Nigerians,”

“If Nigerians are already trading crypto, the question arises: why isn’t it being regulated? Where is the financial flow directed when crypto market operations remain unregulated?” he questioned further.

Senator Izunaso pointed out that bitcoins and other digital currencies have become a common transactional asset amongst Nigerians. The chairman underscored how the integration of emerging financial sectors, including cryptocurrency, could enhance the stock and capital markets, thereby fortifying the Nigerian economy.

He articulated that augmented regulation by the central government in these arenas, crypto included, would broaden the liquidity base and consequently benefit the Naira. Echoing Senator Izunaso’s sentiment, the SEC’s new Director-General, Dr. Agama, committed to promoting the growth of the capital market with the aim of propelling investments and fostering job creation.

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