Edun Tasks New SEC Management On Regulation Of Cryptocurrency

Minister of finance and coordinating minister of the economy, Wale Edun has urged the new management of Securities and Exchange Commission (SEC) to focus on crypto areas and develop a master plan “for proper implementation by ensuring that they are regulated according to the guidelines.”

The minister gave the directive on Tuesday during the inauguration of the new board members of the securities commission with a charge to explore innovative mechanisms and improve on digital currency transactions in regulating Financial market aimed at attracting investors both within and outside the country, the ministry said in a statement.

The minister said the key objectives of the President Bola Tinubu’s administration was ensuring the realisation of fiscal policy geared towards Financial market regulations with a view to enhancing economic growth and development of Nigeria.

The minister emphasised the importance of facilitating financial development, improving the operational financial market, and mitigating challenges through the deployment of technology and innovation.

“Let me remind you and charge you also that, SEC, being the Apex Financial market and key regulators in foreign exchange financial market, Capital market and cooperative operators, need to be innovative as well as improve on technology to mitigate the financial market challenges in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration,” Edun said.

He called on the board to beam their search light on Crypto areas, which he said are fast moving, in order to protect the investment public and the general public.
Chairman of the board, Mairiga Aliyu Katuka, thanked President Tinubu for finding them worthy to assume the office of trust and responsibility.

He underscored his predecessors efforts that culminated in the remarkable achievements which repositioned the commission as a regulating agency and promised to build a stronger and more resilient Financial ecosystem, in line with the Commission’s mandate as well as the Renewed Hope Agenda of the present administration

Katuka assured that members of the Board will harness their individual expertise and innovative ideas as well as their wealth of experience to ensure the realisation of the policy objectives of the government.

He emphasised that the Board would pursue a comprehensive agenda aimed at advancing the interest of the investors, safeguarding market integrity, promoting capital formation and enhancing regulatory oversight.

He assured further that the Board will continue to collaborate with relevant stakeholders so as to ensure open communication and mutual cooperation in order to achieve the goals set for it

While assuring President Bola Ahmed Tinubu that the Board will not disappoint the confidence reposed on them, Mr Katuka expressed optimism that the future of Nigerian Security market is sure to chart a new course towards a more prosperous and resilient financial ecosystem, especially with the reforms and policies put in place by the present administration which includes robust inflation management, macro-economic innovations and improved private sector development.

Earlier in her opening remarks, the permanent secretary, Federal Ministry of Finance, Lydia Shehu Jafiya commended the minister of Finance and Coordinating Minister of the Economy, Wale Edun for his unwavering and sterling leadership that is enabling the Ministry and its Agencies to deliver on their mandate.