Members of Nigeria’s blockchain community are optimistic and trusting of the new Securities and Exchange Commission (SEC) director-general. Their positive outlook stems from the appointee’s supportive stance towards cryptocurrencies, which is viewed as beneficial for the local crypto market.
Bola Ahmed Tinubu, the president of the country, has announced that Emomotimi Agama, a previous managing director of the Nigerian Capital Market Institute (NCMI), will take over as the new head of the Securities and Exchange Commission (SEC).
The purpose of this meeting is to ensure orderly operations in the stock market, boost investors’ trust, and foster economic growth.
During interviews with CryptoMoon, local cryptocurrency influencers expressed their views on the recent appointment.
Nathaniel Luz, the CEO of Flincap – a Over-The-Counter (OTC) cryptocurrency exchange platform, shared his enthusiasm over the news, believing that the new Digital Governance’s supportive stance towards crypto could potentially lead to beneficial developments within the crypto industry.
Luz shared that the community is excited about the new chair’s role in collaborating with startups to simplify the crypto platform licensing procedure in Nigeria.
This year, the government is granting licenses to crypto businesses. By helping multiple crypto startups secure these licenses, Luz is confident that they will maintain regulatory compliance and operational consistency within the nation’s crypto exchange market.
In a comparable manner, Lucky Uwakwe, who is both the chair of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) and the founder of SaBi Exchange, referred to the appointment as an astute choice due to the new appointee’s extensive expertise in blockchain technology and the capital market.
According to Luz, the new leader needs to clearly state that cryptocurrency is not prohibited in Nigeria. Given recent developments and uncertainties surrounding cryptocurrency regulations in the country, stakeholders are seeking a clear declaration from the leadership to confirm the legality of crypto activities. Luz said:
“We expect that his administration will separate the baby from the bath water and show that the crypto industry has several exciting benefits for the country. We need to prove to the whole world that we are open for crypto business, despite the issues that some exchanges might have experienced in the country.”
In February, the Nigerian government blocked access to the websites of cryptocurrency exchanges such as Binance and OctaFX for local users through the country’s telecommunication providers.
Officials next alleged that Binance illicitly transferred approximately $26 billion offshore and requested the company to dispatch delegates for a dialogue regarding this matter.
Two employees of Binance were later arrested and faced charges for five money laundering-related offenses following a meeting with Nigerian authorities.
Nadeem Anjarwlla managed to elude captors and was later found in Kenya, preparing for his extradition back to face charges.
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2024-04-25 12:16