Delisting Naira from P2P space is part of SEC’s attempts to stop manipulations – General Agama

In order to prevent the kind of manipulation that is now occurring on the platform, the Securities and Exchange Commission, SEC, has announced plans to delist the Naira from the P2P (peer to peer) cryptocurrency trading market, according to Ag Director General Dr. Emomotimi Agama.

According to a statement released by the Commission on Monday, Dr. Agama made these remarks in a virtual meeting with the Nigerian Blockchain Industry Coordinating Committee (BICCoN), which serves as the governing body for all of the country’s significant blockchain and cryptocurrency associations.

He emphasized that the need for coordinated action and communication within the financial market ecosystem has been highlighted by the current worries about cryptocurrency P2P trading and their potential influence on the Naira exchange rate.

He therefore exhorted those participating in the cryptocurrency field to be patriotic enough to expose and condemn those responsible for adversely disturbing the markets.

He said: “I want to seek your cooperation in dealing with this as we roll out in the coming days the regulations that would take control of these areas. We want to assure that this management will ensure that people or institutions that require registration with the SEC are quickly licenced. We assure you that we will give guidance when necessary and do well to streamline the processes to make it less difficult.

“We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. We encourage you to reach out to us by naming and shaming the bad actors. Together, I am confident that we can weed out bad actors and harness the immense potential of this progressive technology for the benefit of all Nigerians in tandem with this government’s renewed hope agenda” he added.

He noted that in a bid to rid the Virtual Assets space of illegal trading activities, the Commission will go all out to act decisively to uphold the integrity of the capital market and protect the interests of all investors.

Agama stated that the SEC Nigeria will not hesitate to utilize all the powers within its mandate to handle issues that are negative and pose a threat to national interest saying that the Commission has come as a partner to seek collaboration in making sure that the capital market community is one that is respected globally for decency and fair play.

He said: “There are basic practices as enshrined in the Investments and Securities Act 2007 and we expect that everyone will abide by those rules. Some may say there are no rules to play by, but do not forget that we have the Investments and Securities Act 2007 that some actions by participants today may be violating, hence the law is the law irrespective of the technology used.

“However, for the specific Digital Asset regulatory regime that many have been calling for, we want to assure you that we are working tirelessly to establish an accommodating regulatory guideline for digital assets. The SEC as your regulator is desirous to work with you by providing a level of assurance that is needed by all that are operating within the rules of the market”.

In his remarks, the Chairman of the Fintech Association of Nigeria Dr. Babatunde Oghenobruche Obrimah commended the Director General for his bold steps and the relationship with the ecosystem and pledged their commitment to work with the DG and grant him all the support that will help him succeed in sanitizing the virtual ecosystem.

On their part, BICCoN requested the setting up of a working group to tackle the various challenges facing the crypto space and in a bid to move the market forward.