The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has emphasized the transformative potential of blockchain technology in regulating and enhancing efficiency in Nigeria’s capital markets. During a meeting with the Algorand Foundation in Abuja, Agama highlighted blockchain’s ability to improve transparency, security, and trust in financial transactions without relying on a central authority.
Addressing challenges such as financial exclusion and inefficiencies in Africa’s financial sector, Agama pointed out that blockchain could provide solutions through its decentralized and tamper-proof ledger system. He reaffirmed SEC’s commitment to aligning with international regulatory standards, collaborating with bodies like the International Organization of Securities Commissions (IOSCO) to foster investor confidence and cross-border cooperation.
The SEC has launched initiatives such as the Accelerated Regulatory Incubation Program (ARIP) and the Regulatory Incubation (RI) Program to onboard and support firms operating in the digital asset space. The recent approval-in-principle for two digital asset exchanges and five participating firms highlights SEC’s proactive approach to embracing innovation while ensuring investor protection.
Agama expressed his vision for blockchain integration within SEC’s operations, aiming for a seamless, technology-driven regulatory framework. He emphasized that blockchain’s transparency would enhance accountability, allowing regulators to track transactions efficiently and identify irregularities in real time. The SEC is committed to equipping its staff with the necessary knowledge to adapt to the evolving financial landscape.
Speaking on behalf of the Algorand Foundation, Global Head of Business Development Eric Wragge reaffirmed the foundation’s mission to democratize blockchain adoption. He stressed that blockchain technology is accessible to all and can revolutionize financial processes for businesses and regulatory institutions. The collaboration aims to explore and implement blockchain solutions tailored to SEC’s operational needs.
Source: Tribune