Monday, September 1, 2025
23.3 C
Lagos

Absa Commends SEC for Proactive Regulation of Digital Assets

Absa Nigeria, a leading pan-African bank with a strong footprint across the African continent, has commended the Nigerian Securities and Exchange Commission (SEC) for proactively providing a regulatory framework for investing and trading digital assets, including cryptocurrencies.

Sadiq Abu, CEO of Absa Nigeria, gave this commendation while speaking during the “Power Lunch Show” on CNBC Africa on Monday. He also lauded the commission for recognising digital assets as securities.

SEC, the regulator of the Nigerian capital market, had over the weekend published a new guideline on Issuance, Offering Platforms and Custody of Digital Assets, fulfilling the promise it made last year to examine the digital currency to gain a better understanding and develop regulations to protect investors.

He said: “SEC decided to be proactive around cryptocurrency and digital assets. The SEC has realised that these are rightly called securities and further created a framework to bring them within the broader securities’ regulatory framework in Nigeria.”

According to him, the SEC has also created a framework for protecting investors by requiring investments to be held by digital assets custodians and acknowledged that exchanges or platforms for trading digital assets needed to be regulated.

“There is also an overarching framework for regulating all participants that play in the digital assets space through a specialised license called Virtual Assets Services provider.”

He pointed out that a new rule stipulating tenure and other qualifications of the Chief Executive Officer and Principal Officers of Digital Assets Offering Platforms was similar to the regulations of the Central Bank of Nigeria (CBN).

According to him, this is a clear indication that the SEC and CBN worked together to develop the new framework for the operation of digital assets.

He stated, “There is clear evidence that the SEC is working hands in glove with the CBN to create a regulatory framework for the operation of digital assets and the regulation of CEOs and Principal Officers fall under the broader approved persons regime of the SEC”

Absa, offers investment banking and market products through its various Nigerian registered subsidiaries, namely Absa Representative Office Nigeria Limited, Absa Capital Markets Nigeria Limited, and Absa Securities Nigeria Limited.

spot_img
spot_img

Hot this week

Ecobank Nigeria @ 40: Group Unveils N60m in Cash Rewards Program for Customers

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

GOCOP 2025: Conference on Governance Challenges, Prospects Set for October 9

The Guild of Corporate Online Publishers (GOCOP) has announced...

NCC Advances Cybersecurity Framework to Safeguard Nigeria’s Telecom Infrastructure

L-R: President, International Youth Parliament, Hon. Promise Digos; Chief...

Northwest: The Lion’s Share of Tinubu’s Projects

By Tanimu Yakubu Director-General Budget Office of the Federation The Lagos Illusion The...

From Devaluation to Domination: How Tinubu’s Exchange Rate Reforms Turned the Naira into Nigeria’s Export Engine

By Tanimu Yakubu When President Bola Ahmed Tinubu’s administration...

Topics

NSE, GRI, EY Partner on Sustainability Seminar

GRI in conjunction with The Nigerian Stock Exchange (NSE)...

Pension Operators, PenOp, Elects New EXCO

Members of PenOp Executive Committee The Pension Fund Operators Association...

Vodacom CEO: Businesses Need New Tech to Drive Productivity

L-R:, Managing Director Vodacom Business Nigeria, Mr Lanre Kolade, Managing...

CBN Debunks Report on BDC Recapitalisation Deadline

The Central Bank of Nigeria (CBN) has debunked a...

Standard Bank Partners Global Expert to Unveil Paper on Africa’s Platform Economy

Many African organisations are well placed to drive the...

Linkage Assurance Unveils Insurance Plan for SMEs

Linkage Assurance Plc says it’s committed to helping small...

Emirates Unveils Convenient Integrated Biometric Path at Dubai Airport

 As part of Emirates’ commitment to continuous innovation and...

Linkage Assurance Reports N11bn Premium in 2021 as Shareholders Applaud Growth

Shareholders of Linkage Assurance Plc have applauded growth of...
spot_img

Related Articles

Popular Categories

spot_imgspot_img