Senate Committee Calls for Cryptocurrency Regulation

On Monday, the Senate Capital Markets Committee called for the regulation of cryptocurrencies to ensure some level of accountability and protection of investors’ funds.

The chairman of the committee, Senator Osita Izunaso, said this to journalists in Abuja after the committee heard from Dr. Emmotimi Agama, the newly appointed Director General of the Securities and Exchange Commission (SEC) and the three Executive Commissioners behind closed…doors.

“The issue of cryptocurrencies must be regulated because Nigerians trade cryptocurrencies.

“If Nigerians trade cryptocurrencies, why don’t we regulate it. Where will the money go if we do not regulate the cryptocurrency market?

“They cannot be stopped from trading in the cryptocurrency market. Since we cannot stop them, it needs to be regulated,” he said.

He also said investing in the stock market and capital market would help boost Nigeria’s economy.

“President Bola Tinubu has told Nigerians that he is looking for a $1 trillion economy. This can only be done through the stock exchange, through the capital market.

“And I believe we will see more government action on the stock market, capital market, commodity exchanges and cryptocurrencies.

“This is because these are the areas that will feed the system even more.

“Because our problem is the liquidity problem. We don’t have enough money, we don’t have enough liquidity in the system,” he said.

He added: “This is what crushes the naira and makes the naira so small when it competes with other currencies. But if we develop our capital market, we develop our cryptocurrency market, we introduce more liquidity into the system.

“This will help alleviate all the problems we have.”

Also speaking, Agama promised to accelerate capital market development in a manner that will boost wealth creation, attract investment and create jobs for Nigerians.

“We introduce innovation and development. We intend to change the narrative of the Nigerian capital market.

“We’re going to turn this around. This is the essence of our nomination by President Bola Tinubu. With this team in place, we assure Nigerians that we will do whatever the President wants.

“So we should all wait to see what happens. Our desire is to push this market forward. And help the president achieve a trillion-dollar economy as quickly as possible.

“Yes, in a few days the president will finish his year in office. “This is extraordinary because as the donor of the anniversary, the president has given us Nigerians the mandate to do everything we can to change the market,” he said.

Agama also said that the Commission will introduce innovation programs that will create world-class companies in a way that redistributes wealth.

(NAN)