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Home Business News

SEC to include blockchain, virtual financial assets in capital market 

Damilare Famuyiwa by Damilare Famuyiwa
September 11, 2019
in Business News
Securities Exchange Commission
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In order to support innovation and enhance regulation within the blockchain and Virtual financial assets’ space, the Securities and Exchange Commission (SEC) has set up FinTech Roadmap Working Group. 

The committee, which consists of officials from the regulatory agencies, tech experts and the private sector, has been saddled with the responsibility to work on blockchain and virtual financial assets framework of the Nigerian Capital Market. 

While the committee headed by Chuka Agbu, SAN, will take into cognisance effective investor protection, financial market integrity, and financial stability, it also has the responsibility of imbibing global best practices on regulatory taxonomisation, classification of Cryptocurrencies (either as Commodity, Securities or Currency) and recommend a suitable model for adoption in the Nigerian Capital Market. 

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Why this matters: It is of common knowledge that people lack confidence in blockchain and virtual assets, especially corporate investors. Blockchain technology isn’t as widely used as it should be, largely because blockchain users don’t trust each other, as research shows.  

Ade Bajomo. SEC

Mistrust and regulatory uncertainty have over the years slowed down the advancement of blockchain technology. This is the reason why the first widely adopted blockchain, bitcoin, was expressly created to allow financial transactions “without relying on trust” or on governments overseeing the currency. Users who don’t trust a bank or other intermediary to accurately track transactions can instead rely on unchangeable mathematical algorithms.  

Upshots: Irrespective of the fact that most people want laws and regulations to help make blockchain-based systems trustworthy, there is need to pay attention to if the concept of regulating technology system as the blockchain is realistic and attainable, especially in cases where technological neutrality takes a whole. 

The newly established committee should operate on the basis that technology changes exponentially, and it is most likely to always render regulations outdated. 

[READ MORE: SEC moves against ‘huge quantum’ of unclaimed dividends]


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Tags: Ade BajomoChuka AgbuFinTech Roadmap Working GroupSANSecurities and Exchange Commission SEC
Damilare Famuyiwa

Damilare Famuyiwa

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Comments 2

  1. Nelson Aiyedogbon says:
    September 12, 2019 at 6:39 pm

    Thank you Mr Damilare Famuyiwa for this new innovation in our financial system and SEC must be commended too, many Nigerians are interested in dealing in digital currencies and if it is allowed in Nigeria it will be very good

    Reply
  2. Anonymous says:
    September 12, 2019 at 11:09 pm

    It’s certainly a most welcome development. Things are changing quite fast and we need to be ready to get Nigerians in well positioned framework and not in the dark on global financial environment.

    Reply

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