Nigerian Securities and Exchange Commission: Nearly $2 Trillion Crypto Market Cannot Be Ignored

Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), reprinted by Odaily with authorization.

existEditor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina)Cointelegraph Chinese (ID: CointelegraphChina), reprinted by Odaily with authorization.

existCentral Bank of Nigeria (CBN) Issues Crypto BanAfter the Nigeria Securities and Exchange Commission (Nigeria SEC) recently

Suspended its plans for cryptocurrency regulation

, clarifying its stance on cryptocurrencies in the country.

According to the Premium Times, the Nigerian SEC and the Central Bank of Nigeria will

work together, to develop a specific regulatory framework for cryptocurrencies in Nigeria.。

Nigerian regulators cannot ignore the $1.74 trillion crypto market, according to Timi Agama, head of registration, trading, market infrastructure and innovation at the Nigerian SEC.

Speaking at a virtual conference organized by the Nigerian Association of Capital Market Scholars (ACMAN) in the capital Abuja on Sunday, Agama said:“Part of the SEC’s vision, even in the future, is to provide a regulatory framework that addresses all of these challenges that we’ve seen internationally. The world is grappling with these challenges when it comes to cryptocurrencies and digital assets. For the SEC and capital As far as the market is concerned, that's something to watch. If the world doesn't move forward, we're going to stagnate."。

According to Agama, the Nigerian SEC sees cryptocurrencies as a conduit to attract much-needed foreign direct investment (FDI) in the country. In fact, according to the latest report from the Office for National Statistics, 26 of the 36 states in the federation

Did not receive any foreign direct investment throughout 2020

For Kevin Amugo, director of financial policy and regulation at the CBN, the ban is necessary to give the central bank enough time to address the anonymity of cryptocurrency transactions.

However, most cryptocurrency transactions are anonymous. Blockchain intelligence firms such as CipherTrace and Chainalysis have created tools that canConduct Robust Cryptocurrency Forensic InvestigationsAdditionally, cryptocurrency exchanges in Nigeria have been following know-your-customer (KYC) rules, which include Bank Verification Number (BVN) certification.BTCIn his ACMAN speech, Amugo revealed that the CBN and the Nigerian SEC are working with other federal agencies to develop a national regulatory framework for cryptocurrencies in Nigeria.During the event, some stakeholders called on regulators to pursue more nuanced laws rather than banning cryptocurrencies outright.。