Nigeria trusts new crypto-friendly regulator

Blockchain stakeholders in Nigeria have expressed hope and confidence in the newly appointed Director General of the Securities and Exchange Commission (SEC). The pro-crypto background of the new SEC chairman is seen as a plus for the domestic crypto industry.

The President of Nigeria, Bola Ahmed Tinuyu, has appointed the former Director General of the Nigerian Capital Markets Institute (NCMI), Emomotimi Agama as the Chairman of the SEC.

This appointment aims to regulate the capital market, increase investor confidence and promote economic development.

In interviews with Cointelegraph, local crypto stakeholders shared their thoughts on the new appointment.

Nathaniel Luz, CEO of Flincap – an over-the-counter crypto exchange – expressed his happiness about the appointment, saying that the favorable views of the director-general on crypto will lead to positive changes in the crypto sector.

According to Luz, the community is looking forward to the new chair to work with start-ups on their licensing process to operate crypto platforms in Nigeria.

With the government issuing licenses to crypto firms this year, Luz believes that helping many crypto startups obtain these licenses will ensure compliance and operational stability for exchanges in the country.

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Similarly, Chairman of the Blockchain Industry Coordinating Committee of Nigeria (BICcoN) and founder of SaBi Exchange, Loki Uwakwe, described the appointment as a “wise decision” considering the new director general's experience in blockchain and capital markets.

According to Luz, the new leader should make it clear that cryptocurrency will not be banned in Nigeria. With the recent changes and uncertain cryptocurrency regulations in the country, stakeholders want a clear statement from the management to ensure the legitimacy of crypto activities. Luz said:

“We separate the baby from the bathwater and we expect the crypto industry to have many exciting benefits for the country. Despite the issues that some exchanges may face in the country, we need to prove to the whole world that we are open to crypto business.”

In February, the Nigerian government used the country's telecommunications providers to block local crypto users from using various crypto exchanges such as Binance, OctaFX and others.

Authorities then accused Binance of illegally withdrawing $26 billion from the country and invited the company to send representatives to discuss the matter.

Two Binance employees were subsequently arrested and charged with five counts of money laundering after meeting with Nigerian authorities.

One of them, Nadeem Anjarwala, has escaped from prison and is being monitored in Kenya.

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