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The Securities and Exchange Commission (SEC) has announced that its recent approval-in-principle granted to two cryptocurrency exchanges aims to attract more youths to the Nigerian capital market. This move aligns with the commission’s broader goal of increasing youth participation in the financial ecosystem.
Speaking at a meeting in Abuja, SEC Director General, Dr. Emomotimi Agama, emphasized that the initiative is part of President Bola Ahmed Tinubu’s vision to engage Nigeria’s youth in the country’s economic activities. By providing a structured and regulated environment, the SEC aims to enhance the participation of young Nigerians and other demographic groups in the capital market.
According to Agama, the SEC is committed to forward-thinking strategies that ensure Nigeria remains aligned with global trends in digital finance, fostering inclusive economic growth. He highlighted the commission’s cautious approach to safeguarding investments, ensuring that proper regulations are in place to protect investors while developing the market.
The SEC’s digital asset exchange program stems from its Virtual Assets Service Providers (VASP) regulation. Recognizing the unique nature of cryptocurrency exchanges and the broader digital asset industry, the SEC has outlined a framework that allows for a deeper understanding of these platforms and their associated risks.
Dr. Agama noted that this initiative grew out of the SEC’s Regulatory Incubation Programme, which aims to evaluate emerging fintech platforms and products. By studying these institutions and their offerings, the SEC seeks to mitigate risks while fostering innovation and growth in the market, with a primary focus on protecting investors and promoting sustainable market development.
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