Crypto industry experts and analysts are unanimous on this point. Market regulation is needed to protect investors. This, without hampering the development of the new industry. It seems that Nigeria is on the verge of adopting such regulations, for a transparent and fair crypto market.
A crypto bill that highlights the roles of the CBN and the SEC
Earlier this month, it was learned that the adoption of CBDC in Nigeria was very low. Faced with the resounding failure of digital currency, the Central Bank of Nigeria (CBN) had decided to use force. It then imposed a limit of 20,000 naira for daily cash withdrawals in the country. She also set the weekly cap at $225, when it was $338. Indignant, a Nigerian citizen had described this decision, which aimed to reduce inflation, as inhumane.
Now we learn, through an article from the Nigerian media outlet Punch, that a crypto law will soon be passed. This information comes from the Chairman of the House Committee on Capital Markets and Institutions. Babangida Ibrahim revealed that the House of Representatives plans to pass a bill authorizing cryptos in Nigeria.
The law in question is expected to define the regulatory roles that the CBN is responsible for in relation to cryptos. It will be the same with the Securities and Exchange Commission (SEC) of Nigeria. Once the law is signed, the SEC will be able to consider cryptos as well as other digital funds as investment capital.
The two bills presented by Babangida Ibrahim
It appears that, last Wednesday, Babangida Ibrahim presented at least two bills before the House of Representatives. The bills aim to introduce capital market reform. One of them relates to the repeal of the law on “The authorized institute of stockbrokers”. In particular, he asks that an “approved institute for securities and investments” be created.
The other bill seeks to “hasrepeal the Investments and Securities Act 2007“. He is campaigning for the enactment of a law that will make the Securities and Exchange Commission more accountable. The latter will then become the supreme regulatory authority of the capital market in Nigeria.
With the two bills, it could be that crypto-friendly regulations will be passed in Nigeria. In the meantime, it appears that the projects aim above all to ensure the protection of investors.
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