Digital exchanges’ll attract youths to capital market, says SEC

Securities and Exchange Commission (SEC) has stated that the recent approval-in-principle granted to two crypto exchanges will attract more youths to the market in line with the commission’s desire to ensure that youths in Nigeria are given the opportunity to participate in the capital market.

Director General of the SEC, Dr Emomotimi Agama, who stated this during a meeting in Abuja yesterday, said that in line with the desire of President Bola Ahmed Tinubu to engage with youths in the country, it became important to create a structure that would enhance the participation of the youths and other Nigerians in the market.

According to the SEC DG, the commission as a future looking institution is poised to making sure that Nigeria is in the league of countries that do what is needful to ensure an all inclusive growth.

Agama stated that the SEC was taking cautious steps to ensure that investments in the institutions were safeguarded to protect investors.

He disclosed that the SEC’s programme on the digital assets exchanges came from its virtual assets service providers regulation, adding that in view of the nature of crypto exchanges and the entire industry, it was important to outline a regulation that would allow the commission to fully understand crypto exchanges and virtual financial assets services providers.

The SEC boss said the idea was borne out of the initial regulatory incubation programme of the SEC in its desire to understudy fintech platforms and products that were new to the market to understand the risks associated with the institutions and their products clearly to protect investors and develop the market.