Nigeria’s Finance Ministry to Partner with SEC to Design a Solid Crypto Framework

Bob Coiney

November 26, 2020

Nigeria’s Finance Ministry will partner with the SEC of the country to design a solid crypto asset regulation framework. This will benefit the stakeholders of the country who want to seek fair play. 

According to a new publication on Beincrypto, on November 24th, the Finance Ministry of Nigeria has said that it will partner with the country’s SEC to come up with a robust crypto framework. 

This move will make it easier for users and stakeholders to invest in the market. The SEC of Nigeria had earlier released a code claiming crypto trading is a regulated activity. Besides, crypto-assets can be used as securities.

Frank Eleanya, who is a Fintech analyst, had tweeted about the current development. 

https://twitter.com/FrankEleanya/status/1331212780519772160?s=20

The collaboration between the Ministry of Finance and the SEC was confirmed, on November 24th, at ‘Fintech In Nigeria: State Of Play,’ in Lagos. Mastercard organized it in partnership with The Economist Intelligence Unit.

Many stakeholders of the FinTech sector were in attendance. Armstrong Takang, who is the special advisor to the ministry on ICT, stated that the Nigerian government saw a new horizon in the crypto market. 

Though the development saw a Nigerian financial regulator adopting a solid position on cryptocurrency for the first time, there was no recognition from the Central Bank of Nigeria (CBN).

Paul Ezeafulukwe, who is the Blockchain Association of Nigeria President, said that The CBN is a major stakeholder of the “blockchain adoption strategy,” and he does not expect them to come up with a regulation based on the “principles and strategies” to the development. 

A news article on Tokenhell has rightly said that, in the whole of Africa, Nigeria is one of the stable working economies. Additionally, the crypto framework will only make it better. The only other country in Africa to do the same was South Africa. 

They were able to check irregularities, if any, carried out in the cryptocurrency market. The same want to be done by Nigeria. They are currently witnessing a huge surge in demand for cryptocurrency activities, and inclusion into the market was imminent.