Nigeria’s Finance Minister Advocates for Cryptocurrency Regulation Amid SEC Board Inauguration

In a recent development, Nigeria’s Finance Minister, Wale Edun, has advocated for comprehensive cryptocurrency regulations in the country. During the inauguration of the newly appointed Securities and Exchange Commission (SEC) board, Edun emphasized the need for stringent oversight to maintain the integrity of Nigeria’s capital market, given the fast-evolving and complex nature of cryptocurrencies. The seven-member board, approved by President Bola Tinubu, includes notable figures like SEC chairman Mairiga Katuka and director general Emomotimi Agama.
The SEC has already unveiled plans to update its regulations regarding digital assets and introduced the Accelerated Regulatory Incubation Programme (ARIP) to help crypto entities comply with local requirements. However, Edun cautioned that these measures might not suffice and urged the adoption of stricter corporate governance practices to prevent regulatory arbitrage.
Edun highlighted the importance of staying informed about advancements in digital currency, AI, and other digital transitions to provide effective regulatory guidance. In response, Katuka assured that the SEC aims to foster a resilient financial ecosystem, optimistic about Nigeria’s economic prospects.
This push for tighter crypto regulations comes amid Nigeria’s legal battle with crypto exchange Binance and its executive Tigran Gambaryan, detained by the Economic and Financial Crimes Commission since February. Despite calls from US lawmakers for intervention, Nigeria has defended its legal proceedings.