Nigeria SEC Warns Some Crypto Companies May Not Meet Registration Requirements

The Director-General of the Securities and Exchange Commission (SEC) of Nigeria, Dr. Emotimi Agama has indicated that some cryptocurrency companies applying for registration with the Commission may fail to meet the necessary criteria for approval.

Agama shared this insight during a meeting with applicants under the SEC’s Regulatory Incubation (RI) and Accelerated Regulatory Incubation Programme (ARIP) – two initiatives designed to support crypto players in Nigeria.

While discussing the status of various applications, Agama acknowledged that some of the applicants may not be able to satisfy the Commission’s registration requirements. He emphasized the Commission’s commitment to providing clarity on complex issues to aid the application process.

Recently, the SEC granted an approval-in-principle to two crypto exchanges, Quidax and Busha, allowing them to operate as officially recognized exchanges in Nigeria under the ARIP program. However, Agama revealed that numerous other applications are still under review.

“We cannot guarantee that all applicants will meet the necessary standards,” Agama remarked, adding that the SEC would continue to offer guidance to assist in the process.

Commitment to Transparency and Integrity

Agama reiterated the SEC’s dedication to ensuring transparency and integrity in crypto regulation. He reassured stakeholders that the Commission is providing equal opportunities for all applicants, despite the challenges involved.

He acknowledged the growing demand for regulation within the crypto space and emphasized the importance of careful deliberation. “The process of registration is complex, and it goes beyond simple onboarding. It involves continuous monitoring, education, and surveillance,” he said.

The SEC has also committed to incorporating feedback from stakeholders, promising to revise rules as needed to ensure the regulatory framework is inclusive.

Nigeria’s Role in Leading Crypto Regulation

Agama emphasized Nigeria’s ambition to lead in crypto regulation, stating, “We are positioning the country to stand out in this space. The future of crypto is certain, and Nigeria is embracing it.”

While acknowledging the ongoing challenges in the registration process, Agama assured stakeholders that the SEC was committed to moving faster in the coming year. He revealed that a new law had been passed and was awaiting Presidential assent, containing all the legal elements needed to effectively regulate the crypto industry and guide operators.

“The SEC’s efforts aim to create a balanced, transparent environment that safeguards the interests of both the crypto ecosystem and investors,” Agama concluded.vSEC DG Dr. Emotimi Agama Warns Some Crypto Companies May Not Meet Registration Requirements

Dr. Emotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), has indicated that some cryptocurrency companies applying for registration with the Commission may fail to meet the necessary criteria for approval.

Agama shared this insight during a meeting with applicants under the SEC’s Regulatory Incubation (RI) and Accelerated Regulatory Incubation Programme (ARIP) – two initiatives designed to support crypto players in Nigeria.

While discussing the status of various applications, Agama acknowledged that some of the applicants may not be able to satisfy the Commission’s registration requirements. He emphasized the Commission’s commitment to providing clarity on complex issues to aid the application process.

Recently, the SEC granted an approval-in-principle to two crypto exchanges, Quidax and Busha, allowing them to operate as officially recognized exchanges in Nigeria under the ARIP program. However, Agama revealed that numerous other applications are still under review.

“We cannot guarantee that all applicants will meet the necessary standards,” Agama remarked, adding that the SEC would continue to offer guidance to assist in the process.

Commitment to Transparency and Integrity

Agama reiterated the SEC’s dedication to ensuring transparency and integrity in crypto regulation. He reassured stakeholders that the Commission is providing equal opportunities for all applicants, despite the challenges involved.

He acknowledged the growing demand for regulation within the crypto space and emphasized the importance of careful deliberation. “The process of registration is complex, and it goes beyond simple onboarding. It involves continuous monitoring, education, and surveillance,” he said.

The SEC has also committed to incorporating feedback from stakeholders, promising to revise rules as needed to ensure the regulatory framework is inclusive.

Nigeria’s Role in Leading Crypto Regulation

Agama emphasized Nigeria’s ambition to lead in crypto regulation, stating, “We are positioning the country to stand out in this space. The future of crypto is certain, and Nigeria is embracing it.”

While acknowledging the ongoing challenges in the registration process, Agama assured stakeholders that the SEC was committed to moving faster in the coming year. He revealed that a new law had been passed and was awaiting Presidential assent, containing all the legal elements needed to effectively regulate the crypto industry and guide operators.

“The SEC’s efforts aim to create a balanced, transparent environment that safeguards the interests of both the crypto ecosystem and investors,” Agama concluded.