Emonotimi Agama, Director General, of the Securities Exchange Commission, has said that the capital market regulator currently has over 50 blockchain and cryptocurrency organisations applying to get licences to operate.
He disclosed this during a fireside chat at the Business Day Blockchain Conference held in Lagos on Wednesday, the Director General noted that since the approval in principle of Busha Digital Limited and Quidax Technologies Limited, two cryptocurrency platforms, a plethora of applications have been submitted to the commission.
Recently, the regulator also approved Trovotech Ltd, Wrapped CBDC Ltd, Housing Exhange.NG Ltd, Dream City Capital, and Blockvault Custodian Ltd.
The ARIP was introduced by the SEC to onboard firms that had already begun operations before the release of the Rules on Virtual Asset Service Providers in May 2022. The RI Program was designed to evaluate the business models of digital asset firms and allow them to test their products, services, and technology in a real-world market environment under the regulator’s close supervision.
During this conversation, he noted that the SEC’s mandate is twofold. He said, “Our work at the SEC is to protect investors and foster market development.”
He added that while the commission is open to innovation, businesses must meet regulatory and compliance requirements to ensure the growth of a stable and sustainable digital economy.
