FG Set to Lift Ban On Cryptocurrency As SEC, CBN Begin Work On Trading Regulation

FG Set to Lift Ban On Cryptocurrency As SEC, CBN Begin Work On Trading Regulation

After banning trading of cryptocurrency in Nigeria, the FG Set to Lift Ban On Cryptocurrency as the  Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) are working together to regulate cryptocurrency in the country.

This was made known at a virtual news conference by the SEC Director-General, Lamido Yuguda, at the 2021 first post-Capital Market Committee (CMC).

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Nigerians will be informed of the outcome of the engagements with the CB according to Lamido Yuguda.

He said SEC suspended the implementation of crypto assets guidelines due to a lack of access to Nigerian bank accounts.

The official assured that SEC remained supportive of Fintechs and was developing a framework to support their operations.

“With the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted.

“Our aim is to ensure the delivery of safe products and services without stifling innovation”, Yuguda said.

The CBN in its directive, told Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), and Non-Bank Financial Institutions (NBFIs) local financial institutions to stop any transactions in crypto or facilitating payments for crypto exchanges.

The apex bank in the circular signed by Director of Banking Supervision, Bello Hassan, and Director, Payments System Management Department, Musa I Jimoh warned that disobedience to the directive will attract sanctions.

“Breaches of this directive will attract severe regulatory sanctions,” the CBN warned.

Source