The Nigerian SEC has been a prominent part of the crypto news recently, and for good reason. This is because the Nigerian Securities and Exchange Commission just recently set up a brand new fintech division. For those who don’t know, this division was set up to make sure that crypto and crypto-related investments are studied in great detail.
The Securities and Exchange Commission’s general director, whose name is Lamido Yugunda, claimed that they have plenty of reasons to analyze and study the different kinds of investments people make in the crypto world. The interview that Lamido gave proved to be incredibly insightful for a variety of different reasons. First off, he claimed that the findings that the SEC will get from the studies will help him inform of ways to improve crypto regulation.
If you have been following crypto-related news for a while, you will be well aware of the fact that crypto regulation is all the rage these days. From the United States to India, and several other countries, you will find that governments all over the world are taking crypto-related regulations very seriously. While there are plenty of people who are not in favor of regulating crypto, the fact of the matter is that regulation will be immensely helpful.
This is because there have been plenty of events in recent days where crypto trading platforms ending up getting hacked. Because of this, these platforms ended up losing millions upon millions of Dollars. With scams and hacks becoming more common the ever in the crypto world, it only makes sense to take steps in order to take care of the people who invest in crypto.
Needless to say, the security and exchange commission in Nigeria has been on top of everything and doing everything possible to eliminate crypto-related threats. Sure, all of this can be incredibly time-consuming and drain resources in more ways than one, but the fact of the matter is that steps like these are necessary. Sure, plenty of people may not agree with the idea of regulation or even researching crypto, but it will pay dividends in the long as well as short run.
The Fintech division that has been set up by the Nigerian SEC contains a variety of qualified people coming from the tech and crypto world. Needless to say, this division will be in safe hands and free from any kind of corruption. However, it still remains to be seen where all of this research will end and how beneficial it would be. Regardless, it would be fair to say that it is a step in the right direction.