The Securities and Exchange Commission has said that it will deploy the full weight of the law against individuals and entities that engage in activities that are contrary to laid down regulations in the capital market.
The Director General of the SEC, Dr. Emomotimi Agama in an interview, said the Commission is committed to protecting investors including those in the crypto space and therefore enjoined participants in the market to play by the rules.
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“We are certainly going to commence enforcement actions on anyone who wants to operate in this market and does not have the intention of being regulated. This also applies to those in the crypto space. We are sending this signal to all those that want to play by the books that they are welcome to our space. But for those that do not want to play by the books, of course we definitely will not allow them operate within our space,” Agama said.
The DG disclosed that the Commission decided to take the recent step of issuing Approval-in-Principle to two crypto exchanges because it observed that Nigerian youths were becoming increasingly interested in the digital space and so it was important to provide regulation, clarity and indeed the protection of investors which is its primary responsibility.
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