THE Senate Committee on Capital Market, on Monday, May 27, called for the regulation of cryptocurrency to ensure some level of accountability and protection of investor’s fund.
Chairman of the Committee, Senator Osita Izunaso, who gave the advice shortly after the committee’s screening of Dr. Emomotimi Agama, the newly appointed Director General of the Securities and Exchange Commission (SEC) and three executive commissioners, behind closed-door, noted: “The issue of cryptocurrency must be regulated, because Nigerians are trading in crypto.
“Since Nigerians are trading in crypto, why are we not regulating it? Where is the money going to if we don’t regulate 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.”
Izunaso said investing in stock exchange and capital market would help to boost Nigeria’s economy, adding: “President Bola Tinubu has told Nigerians that he is looking for a N1trillion economy. That can only be done through the stock exchange, through the capital market.
“I believe that we are going to see more of government activities in stock exchange, capital market, commodities exchange and crypto, because these are the areas that will further inject money into the system.”
