On the face of it, the Statement gives us an insight into SEC’s approach towards regulating the rapidly expanding cryptocurrency space. While the Statement clearly establishes SEC’s intention to introduce regulation in the near future, it leaves some other issues needing clarification.
This piece is my attempt at thinking through the Statement and what it might mean for the future of the Nigerian cryptocurrency regulation framework.
First, we need regulation
We are now past the point where we ask if Nigeria’s cryptocurrency space needs regulation; the issue at this point is how to do it. The need to protect consumers and unsophisticated investors in emerging industries is a key driver for creating framework regulations.
As with any emerging…