• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
SUBSCRIBE
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

Nigeria’s SEC setup fintech unit to study crypto investments

Baisakhi Mishra by Baisakhi Mishra
September 3, 2021
in Crypto, News
0
Nigeria’s SEC setup fintech unit to study crypto investments

Image Source: Tittle Press

215
SHARES
3.6k
VIEWS
TwitterWhatsappLinkedin

The head of Nigeria’s Securities and Exchange Commission (SEC) announced on Thursday that the country’s securities regulator has established a fintech division to research crypto investments and products in order to develop laws.

You might also like

FY23 Indian Startup Founder Salaries

UltraTech Cement to acquire Kesoram’s assets

Ola 2-Wheeler EV Total Registrations Cross 85K Mark In Nov On Festive Boost

In a virtual interview with Reuters in Abuja, SEC Director-General Lamido Yuguda said, “We are looking at this industry attentively to see how we can bring up legislation that will enable investors to secure their investment in blockchain.”

Image Source: Global Financial Digest

He did not give a timeline for implementing laws but did say that if crypto is accepted into the Nigerian banking system, the SEC will step in with regulations. The Securities and Exchange Commission (SEC) has attempted to regulate cryptocurrency on the basis that it is a form of securities transaction.

Nigeria is one of the largest venues for cryptocurrency trading, but the central bank banned lenders from transacting or supporting cryptocurrency transactions in February. Bitcoin, the first and largest cryptocurrency, has grown in popularity in Nigeria in recent years, owing to payments from small businesses and a weakening naira, which makes it difficult to obtain the US dollars needed to import products and services.

According to Yuguda, the commission has been in discussions with the central bank, which resulted in the establishment of the country’s digital currency, e-naira. To combat capital flight, the commission is looking to collaborate with fintech businesses to increase the marketing of local assets. Six firms’ accounts were frozen by the central bank earlier this month for allegedly obtaining funds through illicit foreign exchange operators in order to purchase international equities and cryptocurrencies.

The SEC is attempting to increase savings through investment programs, which now have over 4 trillion nairas ($9.7 billion) under administration by public and private fund managers. According to Yuguda, the regulator has requested that private managers set up custody procedures to protect investors.

A crypto asset is not issued or guaranteed by any jurisdiction, according to the head of Nigeria’s securities regulatory commission, and fulfills the above functions only by agreement among the crypto asset’s users. It differs from fiat currency and e-money in that it is not issued or guaranteed by any jurisdiction.

The SEC is looking into ways to collaborate with fintech companies to improve the marketing of domestic securities and prevent capital flight, as well as ways to increase savings through investment schemes, which currently have over N4 trillion ($9.7 billion) under management between private and public fund managers.

Don’t forget to share this post with your friends and family if you found it useful! Let us know what you think in the comments section below.

Also read: First Bitcoin ATM opens in Honduras 

Tags: #crypto asset#crypto investmentscryptocurrencySEC
Tweet54SendShare15
Baisakhi Mishra

Baisakhi Mishra

Recommended For You

FY23 Indian Startup Founder Salaries

by Ishaan Negi
December 1, 2023
0
FY23 Indian Startup Founder Salaries

A paradigm shift has occurred in the turbulent Indian startup environment in FY23, as a result of a fundraising winter that has forced firms to put profitability ahead...

Read more

UltraTech Cement to acquire Kesoram’s assets

by Ishaan Negi
December 1, 2023
0
UltraTech Cement to acquire Kesoram’s assets

On November 30, UltraTech Cement Limited, the biggest cement firm in India, made headlines when it revealed its grand acquisition plan of Kesoram Industries Ltd. This action represents...

Read more

Ola 2-Wheeler EV Total Registrations Cross 85K Mark In Nov On Festive Boost

by Ishaan Negi
December 1, 2023
0
Ola 2-Wheeler EV Total Registrations Cross 85K Mark In Nov On Festive Boost

November saw a notable increase in the number of two-wheeler registrations for electric vehicles (EVs) in India. Registrations surpassed 85,000 units, indicating a strong demand for electric two-wheelers,...

Read more
Next Post
OMG cable mile

New OMG cable can steal users' data from a mile away

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Nexcopy USB Duplicator

Make data loading to flash drives a simple process. Nexcopy USB Duplicator Systems.

Related News

Cybertruck in a showroom

Tesla Cybertruck Showroom Locations: Where to See the Electric Beast in Person

November 24, 2023
How To Get To Bean Valley in Super Mario RPG

How To Get To Bean Valley in Super Mario RPG

November 19, 2023
How to get Johnny Silverhand arm in ‘Cyberpunk 2077’

How to get Johnny Silverhand arm in ‘Cyberpunk 2077’

August 28, 2023
How to send a gift message on Instagram

How to send a gift message on Instagram

August 18, 2023
Blooket

How to hack blooket

September 30, 2022
Instagram

How to unfreeze Instagram account

November 21, 2021

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at info@techstory.in

Advertise With Us

Reach out at info@techstory.in

BROWSE BY TAG

#Crypto acquisition AI amazon android Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk entrepreneurship Ethereum facebook flipkart funding Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT Russia Social Media SpaceX startup startups tech Tech news technology Tesla TikTok trending twitter uber whatsapp

© 2023 Techstory Media Pvt Ltd

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2023 Techstory Media Pvt Ltd

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?