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FG set to suspend ban on cryptocurrency

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The Federal Government has reportedly considered suspended the ban on cryptocurrency.

In a statement on Thursday, the Securities and Exchange Commission (SEC) said;

“For the purpose of admittance into the SEC regulatory incubation framework, the assessment of all persons and products affected by the CBN circular of Feb. 5, 2021, is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system,” SEC said.

The exchange commission’s statement came days after Nigeria’s apex bank ordered financial institutions in the country to close accounts dealing in cryptocurrencies, saying the transactions posed risks to the economy

SEC said its statement was necessitated due to several comments and inquiries from the public that there is a conflict between the SEC Statement on Digital Assets and their Classification and Treatment of September 11, 2020, and the Central Bank of Nigeria (CBN) Circular of February 5, 2021.

“We see no such contradictions or inconsistencies,” SEC said.

In reaction to CBN’s circular, Luno, a cryptocurrency trading platform Luno paused naira deposits pending the time it gets “further clarity from the authorities.”

SEC said it made the statement at the time, to provide regulatory certainty within the digital asset space, due to the growing volume of reported flows while Central Bank has identified certain risks, which if allowed to persist, will threaten investor protection.

Following risks identified in the transactions by the central bank, the SEC “engaged with the CBN and agreed to work together to further analyze, and better understand the identified risks to ensure that appropriate and adequate mitigants are put in place, should such securities be allowed in the future,” it said in its latest statement.

 


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