Chairman
of the House of Representatives Committee on Capital Market and Institutions, Babangida Ibrahim, has disclosed that the chamber will soon pass a law that will allow digital currencies in Nigeria.
The Investments and Securities Act, 2007 (Amendment) Bill, when passed and signed into law, will allow the Securities and Exchange Commission to recognise cryptocurrency and other digital funds as capital for investment.
The proposed law will also define the regulatory roles of the Central Bank of Nigeria and SEC regarding digital currency.
Ibrahim had on Wednesday laid reports on bills seeking to make reforms in the capital market.
One of the legislations was titled, ‘A Bill for an Act to Repeal the Chartered Institute of Stockbrokers Act, Cap. C9, Laws of the Federation of Nigeria, 2004 and Provide for Establishment of Chartered Institute of Securities and Investments; and for Related Matters.’
The other was titled, ‘A Bill for an Act to Repeal the Investments and Securities Act, 2007 and Enact the Investments and Securities Bill to Establish Securities and Exchange Commission as the Apex Regulatory Authority for the Nigerian Capital Market as well as Regulation of the Market to ensure Capital Formation, the Protection of the Market to ensure Capital Formation, the Protection of Investors, Maintain Fair, Efficient and Transparent Market and Reduction of Systematic Risk.’
Following the #EndSARS protests, the CBN had ordered banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts. The apex bank stated that dealing with cryptocurrencies and facilitating payments through them are illegal in the country.
Punch
