![\"Nigeria's](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2021\/04\/nigeria-768x432.jpg\")
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Nigeria\u2019s Securities and Exchange Commission (SEC) has revealed that talks with the Central Bank of Nigeria (CBN) regarding the regulation of cryptocurrencies are ongoing. The securities regulator also reiterated that due to a CBN directive that was issued on February 7, 2021, the crypto guidelines it issued in September 2020 remain suspended. <\/strong><\/p>\n However, the regulator promises that at the conclusion of its engagements with the CBN, stakeholders will be informed of the outcome. Meanwhile, in his comments<\/a> that were made during a Q1 Capital Market Committee (CMC) virtual conference, Lamido Yuguda, the director-general of SEC, tries to justify the regulator\u2019s decision to suspend its own guidelines<\/a>. He said:<\/p>\n Because of the lack of access to commercial bank accounts, we had to suspend our own guidelines of September 2020, the implementation of that circular is suspended until these operators are able to have access to Nigerian bank accounts.<\/p>\n<\/blockquote>\n He adds this was the only logical step to take since no one can operate \u201cin the Nigerian capital market if they do not have access to a Nigerian bank account.\u201d<\/p>\n <\/ins> <\/ins> <\/p>\n Still, Yuguda claims the SEC is \u201cvery supportive of fintechs\u201d after the regulator \u201cinvested so much in developing a framework for supporting fintechs in the various areas.\u201d He also adds:<\/p>\n In all other areas, nothing has changed, but in the area of crypto assets, you know that with the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted.<\/p>\n<\/blockquote>\n As reported by Bitcoin.com News, the CBN issued a directive<\/a> that prohibits banks from facilitating transactions that involve crypto entities. The CBN directive appeared to contradict an earlier SEC circular<\/a> that seemingly endorsed cryptocurrencies. The ensuing confusion soon forced the SEC to abandon its crypto guidelines and to express support for the CBN\u2019s decision.<\/p>\n However, in his latest comments, Yuguda attempts to reassure the crypto industry by stating that the regulator will \u201ccontinue to engage players and support them to operate lawfully.\u201d Ultimately, the SEC says it wants \u201cto ensure the delivery of safe products and services without stifling innovation.\u201d<\/p>\nCrypto Guidelines Set Aside<\/h2>\n
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Support For All Fintechs<\/h2>\n
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