Senate Tasks SEC on Transparent Cryptocurrency Regulation

Senator Osita Izunaso, the Chairman, Senate Committee on Capital Market, has urged the Federal Government to regulate cryptocurrency in order to offer some level of accountability and investor protection.

Izunaso made the call while briefing journalists in Abuja after the Committee’s screening of Dr Emomotimi Agama, Director-General Designate of Security and Exchange Commission (SEC) and three executive commissioners behind closed-door.

The Executive Commissioners are Frana Chukwuogor, Legal and Enforcement; Bola Ajomale, Operations, and Mrs. Samiya Usman, Corporate Services.

According to Izunaso, the issue of cryptocurrency must be regulated because Nigerians are involved in cryptocurrency trading. Izunaso said: “Since Nigerians are trading in crypto, why are we not regulating it.

Where is the money going to if we don’t regulate the activities in the crypto market. “You can’t stop them from trading in the crypto market. So because we can’t stop them, you have to regulate it.”

The lawmaker also said investing in stock exchange and capital market would help boost the Nigerian economy.

“President Bola Tinubu has told Nigerians that he is looking for N1 trillion economy. “That can only be done through stock exchange, through the capital market.

And I believe that we are going to see more of government activities in stock exchange, in capital market, in commodities exchange, in crypto.

“This is because these are the areas that will further inject money into the system because the problem we have is the problem of liquidity. “We don’t have enough money, we don’t have enough liquidity in the system.

“That is what is crushing the naira and making the naira so little when it’s competing with other currencies. “But if we develop our capital market, develop our crypto market, we will bring more liquidity into the system.

That will help to cushion all the problems we have,” he added. Also Agama said that he would accelerate the development of the capital market in a manner that will boost wealth creation, attract investments and create jobs for Nigerians.

According to him, he was appointed to change the narrative of the capital market and reposition it to the path that would boost economic growth.

He said: “We are bringing on board innovation, development. We are going to change the narrative of the Nigerian capital market. “We are going to turn it around. That is the essence of our appointment by Mr President. “With this team, we assure Nigerians that we’re going to do the best that the President has the desire to do.

“So, we should all wait to see what is going to happen. Our desire is to move this market forward. “And to help in achieving the President’s N1 trillion economy in the shortest possible time. “Yes, the President is going to be a year in office in a few days.”