SEC Oga Agama Don Talk Crypto Regulation Matter for Nigeria

SEC oga wey dem dey call Emomotimi Agama don show say e no dey joke with di matter of crypto regulation for Nigeria. Di Nigerian SEC under Agama plan to issue licenses to crypto exchanges for inside di country. You sabi wetin dis mean? Dem wan make sure say di plenty Nigerians wey don carry leg enta crypto wahala go dey do di thing under better regulation. Dis na news in Nigerian Pidgin wey you go enjoy as e sweet pass.

Oga Agama na person wey believe say di future dey for fintech, especially for di young Nigerians wey don deep neck inside di crypto world. In short, di SEC don launch new program wey go fast-track di registration process for all di Virtual Assets Providers (VASPs). You know say dem wan make sure say nobody go run things anyhow again. Dem don even announce say dem don change some of di rules on top Digital Assets Issuance, di offering platforms, Exchanges, and Custody. Na di new way forward be dis.

Agama yarn for Bloomberg say e sure say dis regulation go happen sooner than everybody think. E tok am like say na him be prophet because di way e take sure about di matter no be small. According to am, di youths of Nigeria go benefit well-well if di crypto market dey regulated. Di market size big, and e still dey grow like say na fertilizer dem dey put for ground.

Now, make we no lie, Nigeria na one of di countries wey dey lead for crypto adoption for di whole world. Di demand for crypto assets for here no be beans. E shock everybody, including di Central Bank of Nigeria (CBN) wey been ban banks from facilitating crypto transactions before. But because di thing dey grow like wildfire, CBN don lift di ban. Dem see say e no make sense to dey carry stringent measures for di matter wey don grow so tey, di whole world dey look.

Na last year Nigeria carry second position for di whole world in terms of crypto adoption. No be play, Nigeria no dey carry last. In fact, by August 2022, dem don name Nigeria di most crypto-crazy country for di world based on di volume of Google searches wey dem do on top crypto matter. Di craze no get part two.

But make I tell you, di matter no end there. After Nigerian authorities crackdown on top crypto entities earlier dis year, plenty wahala don follow. Some big crypto exchanges like OKX and Binance don close down their Naira P2P and Naira withdrawals for dia platforms. Dem say dem no wan do business again because di authorities dey accuse dem of currency manipulation and money laundering. E be like say di thing pain Nigerian authorities so tey, dem vex carry dem matter reach high court.

But guess wetin? Di same Nigerian SEC wey crackdown on crypto entities don do 360-turnaround. Dem don change mind and dem wan begin issue licenses to di same crypto exchanges dem wey dem bin dey pursue. Oga Agama explain for di Bloomberg interview say di regulatory body wan provide platform wey go make crypto dealings dey transparent and free from bad people wey wan do ojoro. “SEC wan make sure say people go fit do their crypto business formally, and we go dey get all di information we need,” na so Agama take tok am.

But e no end for there. Agama still tok say dem no go allow anybody use cryptocurrency take manipulate our currency. Na serious matter o. As di thing dey go, Nigerian authorities still dey battle with Binance Ltd over claims of money laundering and tax wahala. Tigran Gambaryan, one of Binance executives, still dey inside Nigerian authorities’ custody as di time wey dem carry di report.

As you dey read di news in Nigerian Pidgin, e clear say di way forward for crypto matter for Nigeria na proper regulation. Di SEC don see say di youths wey don deep for crypto no go stop, and di only way to protect dem na by putting proper regulations in place. Di crypto economy for Nigeria dey boom, and di SEC no wan carry last. Di new rules and licensing go help make sure say di business go smooth, and bad belle people no go fit spoil market for everybody.

Omo, no be small tori o. As di SEC don begin di journey to regulate crypto, Nigerians go dey watch as di thing unfold. Whether di authorities go succeed or not, na time go tell. But one thing dey sure, crypto don come to stay for Nigeria, and with di right regulation, di country go fit benefit well-well from di whole thing.

So, make you no dull yourself. Di matter of crypto regulation for Nigeria don take new turn, and di future dey bright for di youths wey dey involved for dis fast-growing industry. Di SEC don tok say dem go issue licenses soon, and di matter go dey formalized. As di crypto market dey grow, Nigerians go dey look forward to better opportunities and di benefits wey go follow di regulation. Na di koko of di matter be dat.