By Olawale Lamina
The Securities and Exchange Commission ,SEC, on Wednesday, justified why it granted approval-in-principle to two crypto exchanges recently in order to give the Nigerian youths the opportunity to leverage the capital market through participation.
The News Agency of Nigeria, NAN, reported that SEC on Thursday granted Busha Digital Ltd., and Quidax Technologies Ltd., “approval-in-principle” to start operation under the Accelerated Regulatory Incubation Program (ARIP).
Director General of SEC, Dr Emomotimi Agama, made the disclosure in a statement made available in Lagos.
Agama stated that the move was in line with the desire of President Bola Tinubu to engage with the youths, and it had become imperative to create a structure that will enhance their participation, as well as other Nigerians in the market.
The SEC DG said: “It is important that we act accordingly. We can not be left out of the global phenomenon that is beginning to take shape.
“SEC, as a future looking institution, is poised to making sure that we are in the league of countries that do what is needed.
“As much as possible, we are building talents to be able to deal with the challenges that these asset classes could bring to our shores.
“A lot of young Nigerians are fully involved in cryptocurrencies and we cannot shut the door against them, rather the intention of the president is to have them included in the capital market.
“That is why SEC is ensuring that there is regulation and no one is hurt at the end of the day, which is part of our responsibility to protect investors and develop the market.”
Agama emphasized that the commission is committed to cautiously ensure that the institutions do not pose risks to the national economy and to the citizens who invested in them.
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