- The commission will also take appropriate measures to ensure the technology's safe adoption and maximize its benefits
- Agama explained that the SEC is robust and has implemented measures, like the Accelerated Regulatory Incubation Programme and Regulatory Incubation, to keep investors safe and ensure that innovations are maximized
- Blockchain technology is a decentralized, distributed ledger technology (DLT) that records and verifies transactions across a network of computers securely, transparently and in a tamper-resistant manner
The Nigeria Securities and Exchange Commission (SEC) has said it intends to use blockchain technology to regulate its capital market and improve efficiency. The commission will also take appropriate measures to ensure the technology's safe adoption and maximize its benefits.
Emomotimi Agama, the commission’s Director-General, spoke recently when he received a delegation at his office in Abuja.
“In this era of technological innovation, the question is not whether Africa will adopt blockchain, but how it will shape its adoption to maximize its benefits for all people,” Agama said.
He explained that the commission keeps abreast of developments in the crypto/blockchain industry and the capital market and has established collaborative frameworks with global regulators, such as the International Organisation of Securities Commissions.
Agama explained that the SEC is robust and has implemented measures, like the Accelerated Regulatory Incubation Programme and Regulatory Incubation, to keep investors safe and ensure that innovations are maximized safely and responsibly.
Blockchain technology is a decentralized, distributed ledger technology (DLT) that records and verifies transactions across a network of computers securely, transparently and in a tamper-resistant manner. Blockchain technology is most popular in the cryptocurrency industry but can be used in many fields and purposes, as SEC plans.
“We want to activate the blockchain in our efficiency; we want to be able to use it to regulate our market. My dream is to have all of the information we need to do our work in a blockchain,” he said.
Agama explained further that the SEC “wants to bring technology into our system for effectiveness, where we can work seamlessly, and everything that we do will be traceable. So, wherever there is a toxin in the blockchain, we will find it and deal with it. We want to leave a legacy that each of us will be proud of when we leave this commission, but in getting that to happen, we must all be educated enough to drive that course.”
Telegram selects Toncoin as only crypto, blockchain network for app services
Meanwhile, TheRadar earlier reported that The popular messaging app Telegram has announced that henceforth, The Open Network (TON–Toncoin) will become the only blockchain infrastructure for its Mini App ecosystem.
According to a statement Telegram released on January 21, 2025, Telegram and the TON Foundation have reached an exclusive deal, which will see Toncoin become the only accepted crypto for Telegram’s app services. According to the release, Telegram will continue to accept Toncoin for non-fiat payments in exchange for assets and services offered by Telegram.
