Senate Considers Cryptocurrency Operation Rundown

By: Amadi Vincent Uzoma

The Senate Committee on Capital Markets has called for the regulation of cryptocurrency to ensure accountability and protect investors’ funds. The Committee’s Chairman, Sen. Osita Izunaso, made this statement after the committee screened the newly appointed Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama, and three executive commissioners behind closed doors.

Izunaso emphasized that since Nigerians are already trading in cryptocurrencies, the government needs to regulate this activity to understand where the money is going. He stated that while it is impossible to stop Nigerians from engaging in crypto trading, the government has a responsibility to regulate the crypto market.
The Chairman also highlighted that investing in the stock exchange and capital market would help boost Nigeria’s economy. He noted that President Bola Tinubu has set a target of a N1 trillion economy, which can only be achieved through the development of the stock exchange, capital market, commodities exchange, and crypto market. Izunaso believes that these areas will inject more liquidity into the system, which is crucial to addressing the problem of a weak naira.

In response, Agama promised to accelerate the development of the capital market in a way that would promote wealth creation, attract investments, and generate jobs for Nigerians. He assured that the commission would introduce innovative programs to create world-class companies and ensure the redistribution of wealth. Agama stated that the commission is committed to changing the narrative of the Nigerian capital market and helping to achieve the President’s goal of a N1 trillion economy in the shortest possible time.