Following the approval-in-principle of provisional crypto license to Busha and Quidax, Nigerian Securities and Exchanges Commission notes that the decision stems from several factors, including the idea of the youth involvement in the Capital Markets.
The Approval Processes
The Nigerian SEC executive Dr. Emomotimi Agama has noted that one of the factors behind the issuing of provisional license to operators is to create an enabling environment for the youths and encourage their participation in the Capital Market.
Dr. Emomotimi further highlighted that the SEC is exerting extremely cautious measures in the regulation of digital assets firms, explaining that, “These companies, having met the SEC’s stringent fit-and-proper-persons test and other regulatory guidelines, are now part of the regulatory incubation process.”
“This process allows the SEC to closely monitor their activities, assess the risks they pose, and ensure they operate within a framework that protects both the economy and individual investors”, he further opined.
This ensures the firms operate within ethical, regulated, and protected parameters, helping safeguard the nation’s economy and individual investors.
Overall, the SEC aims to provide a safe and supportive environment for talent development while mitigating the risks associated with involvement in digital assets.
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