Topic: Nigerian SEC urges crypto firms to adhere to Regulatory Requirements (Read 57 times)
January 19, 2025, 05:36:25 PM
I never see the requirements laid out by the SEC but I can my money it would likely involve a tax structure and probably some form of tracking/reporting user activities to the authorities. While this is good to protect against theft and other malicious activities, it just brings us back to banks and centralized services that have to stay regulated.
January 19, 2025, 03:01:05 PM
Make Naija SEC just go siddon for wan corner jeje like dis. Eye dey red like dis. Na just to open hand to collect fees dem go dey afta like dis and not to betta d regulatory policies wey supposed enrich dis crypto industry for we country. As dis APC govment take hate cryptos to d point of destabilizin Cexs wey dey reason us, abi na d several accounts wey crypto payment passed through wey dem shutdown we wan talk? Make una dey careful trusting dis govment on any crypto related issue. Make dem nor com use agbari pick more bank accounts of crypto traders to block.
January 17, 2025, 09:12:12 AM
It is nice that the SEC is coming out to encourage firms to get registered their Crypto activities but the truth is that are they really transparent as they claim to be. Looking at what happened the last time between binance and the federal government where binance officials were held hostage, how do they want the Crypto firms here to come out coupled with the outrageous billings which they can not meet up with.
Looking at what Is obtainable, what is the policy like because that alone would determine if the Crypto firms would comply or not bother showing up. No firm would want to operate on policies that is not favorable to them and their organisation but only the government and this I believe is the reason why we've not really seen much local crypto organisation in our country.
Looking at what Is obtainable, what is the policy like because that alone would determine if the Crypto firms would comply or not bother showing up. No firm would want to operate on policies that is not favorable to them and their organisation but only the government and this I believe is the reason why we've not really seen much local crypto organisation in our country.
January 16, 2025, 11:19:31 AM
I saw on a news channel where Nigerian SEC Chairman Emomotimi Agama was stressing the importance of crypto firms meeting regulatory requirements for obtaining licenses. And Mr. Agama is urging them to adhere strictly to the rules, especially when applying for Virtual Asset Service Provider (VASP) registration, which many companies have failed to do so.
The SEC is open to discussions and amendments to simplify the process, but the Chairman has made it clear that non compliance will result to rejection.
Which brings me to the question, why has many companies failed in meeting the regulatory requirements?, is it that the crypto firms don’t want to operate legally or the rules are not too friendly, if they’re not they should make use of the opening of discussions and amendments as stated by the SEC chairman.
The Nigerian SEC have shown their commitment to regulating crypto industries/firms and ensuring they operate within the bounds of the law. In order for crypto firms to operate legally in Nigeria they have to prioritise regulatory compliance.
The big question is, are the regulatory compliance friendly? It's no suprise to my on why the meetings with different crypto firms doesn't yield positive result, i think the terms and conditions the government give those companies are not in their favour and that's why the results from their meetings are always negative.The SEC is open to discussions and amendments to simplify the process, but the Chairman has made it clear that non compliance will result to rejection.
Which brings me to the question, why has many companies failed in meeting the regulatory requirements?, is it that the crypto firms don’t want to operate legally or the rules are not too friendly, if they’re not they should make use of the opening of discussions and amendments as stated by the SEC chairman.
The Nigerian SEC have shown their commitment to regulating crypto industries/firms and ensuring they operate within the bounds of the law. In order for crypto firms to operate legally in Nigeria they have to prioritise regulatory compliance.
It think a call for amendment of certain rules is highly welcome and if the SEC are serious about getting positive response from those companies, they should make the rules in favour of both parties and not something that would be one sided, if the rules are too strict, you don't expect them to adhere to it cause it would only be benefitting the government which is not fair.
January 16, 2025, 11:12:49 AM
Which brings me to the question, why has many companies failed in meeting the regulatory requirements?, is it that the crypto firms don’t want to operate legally or the rules are not too friendly, if they’re not they should make use of the opening of discussions and amendments as stated by the SEC chairman.
Anyone that wants to comply and be eligible for the license needs at least ₦1 billion which the SEC will make sure the person has that amount of money for the business. This might be too much for people, especially the small scale crypto businesses. But for large scale, it is not too much but good. January 16, 2025, 09:32:03 AM
I saw on a news channel where Nigerian SEC Chairman Emomotimi Agama was stressing the importance of crypto firms meeting regulatory requirements for obtaining licenses. And Mr. Agama is urging them to adhere strictly to the rules, especially when applying for Virtual Asset Service Provider (VASP) registration, which many companies have failed to do so.
The SEC is open to discussions and amendments to simplify the process, but the Chairman has made it clear that non compliance will result to rejection.
Which brings me to the question, why has many companies failed in meeting the regulatory requirements?, is it that the crypto firms don’t want to operate legally or the rules are not too friendly, if they’re not they should make use of the opening of discussions and amendments as stated by the SEC chairman.
The Nigerian SEC have shown their commitment to regulating crypto industries/firms and ensuring they operate within the bounds of the law. In order for crypto firms to operate legally in Nigeria they have to prioritise regulatory compliance.
The SEC is open to discussions and amendments to simplify the process, but the Chairman has made it clear that non compliance will result to rejection.
Which brings me to the question, why has many companies failed in meeting the regulatory requirements?, is it that the crypto firms don’t want to operate legally or the rules are not too friendly, if they’re not they should make use of the opening of discussions and amendments as stated by the SEC chairman.
The Nigerian SEC have shown their commitment to regulating crypto industries/firms and ensuring they operate within the bounds of the law. In order for crypto firms to operate legally in Nigeria they have to prioritise regulatory compliance.
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