The Nigeria Minister of Finance and Economist, Wale Edun, has urged members of the recently inaugurated board of the Nigeria Securities and Exchange Commission (SEC) to concentrate on regulating cryptocurrencies and maintaining integrity in the financial market.
While speaking during the inauguration of the board in Abuja on Monday, Edun stated that it is important to address the intricacy associated with the rapidly evolving financial sector.
“The SEC board should be willing to accept the challenge of regulating these new areas, particularly crypto, as they are fast-moving complex areas,” he stated.
The minister cautioned against regulatory arbitrage, where companies would take advantage of minimal registration requirements to claim fake licensing. He also stressed the importance of maintaining high standards of corporate governance and transparency.
Ensure top-notch corporate governance practices, quickly identify and disclose conflicts, and adhere to global best practices.
While emphasizing the rapid growth in the financial sector, Edun noted the growing intersection of finance and technology. He stressed the necessity for the SEC to remain informed and adaptable when it comes to innovative changes in fintech, artificial intelligence, and digital currencies.
In response, the newly appointed SEC board chairman, Mairiga Katuka, assured the minister that the board would utilize its collective expertise to drive growth in Nigeria’s capital market.
Katuka expressed a positive outlook on the country’s economic future, citing recent government reforms to manage inflation, enhance social protection, and improve private sector development.
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