The Senate Committee on Capital Markets has called for the regulation of cryptocurrency to ensure accountability and protect investors’ funds.
Committee Chairman, Sen Osita Izunaso, made this statement after the committee’s screening of Dr Emomotimi Agama, the newly appointed Director-General of the Securities and Exchange Commission (SEC), and three executive commissioners.
Regulating cryptocurrency is crucial since Nigerians are already trading in it, and it’s essential to know where the money is going.
While it’s impossible to stop cryptocurrency trading, regulation is necessary to ensure some level of accountability.
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Izunaso also explained the importance of investing in the stock exchange and capital market to boost Nigeria’s economy.
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He believed that developing the capital market, including the crypto market, will inject more liquidity into the system, helping to address the current liquidity problem and strengthen the naira.
Agama promised to accelerate the development of the capital market, focusing on innovation and development to boost wealth creation, attract investments, and create jobs for Nigerians.
He assured Nigerians that the Commission would work towards achieving President Bola Tinubu’s goal of a N1 trillion economy in the shortest possible time.
The Commission plans to introduce innovative programs to create world-class companies, ensuring wealth redistribution and promoting economic growth.
