{"id":46742,"date":"2021-02-12T09:51:27","date_gmt":"2021-02-12T08:51:27","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=46742"},"modified":"2021-02-12T09:51:27","modified_gmt":"2021-02-12T08:51:27","slug":"digital-assets-sec-denounce-policy-conflict-with-cbn","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/digital-assets-sec-denounce-policy-conflict-with-cbn\/","title":{"rendered":"Digital Assets: SEC Denounce Policy Conflict With CBN"},"content":{"rendered":"

Against the recent ban on Cryptocurrency transaction by the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC) said there is no policy conflict between it and the apex bank, as it applies to Digital Assets and their Classification and Treatment.<\/p>\n

The Commission in a statement late Thursday said its been undated with several comments and inquiries from the public on a perceived policy 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.<\/p>\n

However, the apex equity market regulator noted that, “We see no such contradictions or inconsistencies.<\/p>\n

It explained that “In recognition of the fact that digital assets may have the full characteristics of investments as defined in the Investments and Securities Act 2007, the SEC Statement asserts that trading in such assets falls under SEC\u2019s regulatory purview, except proven otherwise. The primary objective of the Statement was not to hinder or stifle innovation, but to establish standards of ethical practices that ultimately make for a fair and efficient securities market.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

“The SEC made its statement at the time, to provide regulatory certainty within the digital asset space, due to the growing volume of reported flows. Subsequently, in its capacity as the regulator of the banking system, the CBN identified certain risks, which if allowed to persist, will threaten investor protection, a key mandate of the SEC, as well as financial system stability, a key mandate of the CBN. In light of these facts, we have engaged with the CBN and agreed to work together to further analyse, 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.<\/p>\n

“Consequently, it has become necessary to provide the following clarifications about the implementation of SEC\u2019s Capital Market FinTech Strategy:
\nI. For the purpose of admittance into the SEC Regulatory Incubation Framework, the assessment of all persons (and products) affected by the CBN Circular of February 5, 2021 is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system.
\nII. The planned implementation of the SEC Regulatory Incubation Guidelines for FinTech firms who intend to introduce innovative models for offering capital market products and services will continue.
\nThe SEC will continue to monitor developments in the digital asset space and further engage all critical stakeholders with a view to creating a regulatory structure that enhances economic development while promoting a safe, innovative and transparent capital market”, it added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Against the recent ban on Cryptocurrency transaction by the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC) said there is no policy conflict between it and the apex bank, as it applies to Digital Assets and their Classification and Treatment.<\/p>\n","protected":false},"author":6,"featured_media":46743,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[8188],"coauthors":[2391],"class_list":["post-46742","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-digital-assets-and-their-classification-and-treatment"],"yoast_head":"\nDigital Assets: SEC Denounce Policy Conflict With CBN - National Wire<\/title>\n<meta name=\"description\" content=\"Against the recent ban on Cryptocurrency transaction by the Central Bank of Nigeria (CBN), the Securities and Exchange Commission\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/digital-assets-sec-denounce-policy-conflict-with-cbn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Digital Assets: SEC Denounce Policy Conflict With CBN - 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