Monday, September 21, 2020 05:00 AM / by SEC Nigeria/ Header Image Credit:  SEC Nigeria

TheSecurities and Exchange Commission (SEC) has said that the recently releasedSEC Statement on Digital Assets and their Classification and Treatmen is aimedat boosting investors' protection in the capital market.

EmomotimiAgama, Head, Registration, Exchanges, Market Infrastructure and Innovation ofthe SEC speaking on the guidelines in an interview said: "The first thing theSEC bothers about is investor protection.

"This is nodifferent from what we have been doing. We are looking at investor protection,integrity, transparency and of course we want to make sure that the market issafe and everyone is comfortable with what is going on in the investmentclimate".

Agama notedthat last year the Commission launched the Fintech Road map and after that wasdone, it went ahead to set up the block chain virtual financial assetscommittee.

"Thesecommittees are both market wide and principally done to engage the market, tobe able to have discussions with the market and get their buy-in into what weare doing.

"What wefound out today is that a lot of persons, youths are all involved in this spaceand it is important that even as far as that is the case, the SEC lives up tothe expectations  and making sure that those people that are getting intothe business are protected

"Clearly,that is our aim and the market is part of this and indeed the feedback has beenwonderful. People are happy with what we are doing, being able to provide someclarity as to where we stand in terms of digital assets regulation.

"Digitalassets is the next thing, our idea is not to stifle innovation, but to promoteinnovation within a reasonable space and that is exactly what we are doing.Section 13 of the ISA empowers us to do this and so we are doing what we havebeen empowered to do by law," he said.

On whatinternal capacities the SEC is developing to meet the challenges of this fastchanging digital financial world, Agama said "the SEC is a knowledge basedinstitution and before we come out of this kind of initiatives, we would havedone so much research.

"I need totell you that the Cambridge Centre for Alternative Finance has been partneringwith the SEC and up to this point, we have been engaging with them and severalof our staff have been part of their programmes.

"The WorldBank and other institutions are also working with us on Fintech to see that theNigerian landscape is not left barren but guided with basic principles, we willnot leave any stone unturned, but ensure that everyone within the SEC that hasthe responsibility to guiding investors and the populace in making sure we havean investment environment that people will be proud of is provided.

"Capacitybuilding is a continuous exercise, we will continue to upgrade ourselves, wewill continue to learn because knowledge is for life".

Related to DigitalAssets

1. SEC Nigeria Issues Statement on Digital Assets, Their Classification and Treatment
2. Analysts Discuss Blockchain Technology and Regulation of Digital Assets in Nigeria

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