Wale Edun, the Coordinating Minister of the Economy and Minister of Finance
Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, has urged the newly appointed Securities and Exchange Commission board to take on the challenging task of regulating cryptocurrencies and to enforce strict oversight in order to preserve market integrity in the capital Market.
Edun revealed this in a statement released on Monday during the board’s inauguration in Abuja.
“The SEC board should be willing to accept the challenge of regulating these new areas, particularly crypto, as they are fast-moving complex areas.”
He issued a warning, pointing out that businesses might use bare minimum registration to pretend to have a license, and the SEC should enforce stringent inspection to protect the integrity of the market.
“You must also watch out for regulatory arbitrage, where a company with a portfolio of huge, sophisticated transactions now comes and takes the lowest level of registration that they can just so they can say they are licensed and regulated.
“Ensure top-notch corporate governance practices, quickly identify and disclose conflicts, and adhere to global best practices. Do not become stumbling blocks for those awaiting processes and approvals,” he explained.
Edun pushed the recently appointed SEC board members to use creative approaches to control the nation’s capital market.
He emphasized the need for the SEC to be informed and proactive by pointing out the rapid advancements in fields like artificial intelligence, digital currency, and general digital transitions.
“The top minds are gravitating towards finance and technology,” Edun stated, “Unlike basic industries with settled technologies, the financial sector is rapidly evolving with innovations in fintech, AI, and crypto. To provide necessary approvals and guidance, the SEC must stay informed and adaptable.”
In response, Mairiga Katuka, the chairman of the SEC board, gave the minister her word that the board would use its combined knowledge, creativity, and enthusiasm to spur expansion.
Citing policies implemented by the current administration that are spurring economic growth, Katuka voiced optimism about Nigeria’s prospects for the future of its economy.
He emphasized that the board would contribute to a more robust and prosperous financial environment with thoroughness, ethics, and a common goal.
“The nation’s future economic outlook appears positive, driven by reforms put in place by the current administration including robust inflation management, social protection, macroeconomic stability initiatives and improved private sector development. These initiatives would undoubtedly engender economic growth,” he added.