The Fintech Roadmap Implementation Committee of SEC Nigeria has formally been inaugurated.
Recall that late in 2019, the Nigeria Capital Markets Authority formally acquired and accepted the Report of the Fintech Roadmap Committee and accepted the establishing of the really helpful implementation committee to drive the actualization of the stories roadmap.
The report supplied an in depth on crypto and digital property classification, regulation, and requirements. Check out the suggestions right here.
Cryptocurrencies, Digital Monetary Property (VFAs) and ICOs really helpful areas of implementation for the primary quarter of 2020 consists of:
- Determine on its most well-liked classification of crypto-currencies (both as Commodities, Securities or Forex)
- Develop a framework for the regulation of VFAs and VFA Exchanges
- Develop a framework for the regulation of equity-based crowdfunding
- Challenge pointers and requirements for White Papers and ICOs
- AML and KYC Procedures – Develop a framework for KYC and due diligence for crypto-currencies, VFAs, tokens and ICOs
- Implement adoption of greatest apply in Cyber Safety and Data Governance
- Outline clear taxonomies of tokens primarily based on their nature, traits and financial realities as their figuring out elements. Please recall additionally that the VFA Working Group that was additionally arrange by SEC Nigeria in 2019 has additionally made their preliminary report presentation to the Capital Market Committee and can quickly make the ultimate report obtainable for public enter.
SEE ALSO: Nigeria Capital Markets Authority Accepts Fintech Report Specifying Cryptocurrencies as Securities
The inaugurated Fintech Innovation Unit at SEC Nigeria workplaces will now be chargeable for managing investor relationships within the following areas:
- Have interaction and supply regulatory clarification to new entrants into the area
- Facilitate regulator – innovator – market engagements
- Coordinate the communication and dissemination of related business data
- Present assist and advisory providers to the business.
- Different areas that can be pushed by the committee are Accelerating investments, Listing Providers and Capability Constructing
As beforehand talked about, the Fintech Roadmap Working Group Committee will develop a supportive and regulatory framework for blockchain and digital monetary property that’s geared toward efficient investor safety, monetary market integrity, and monetary stability.
In an unique, in line with Chimezie Chuta, Founder & Coordinator, Blockchain Nigeria Consumer Group (BNUG), who has been a part of each the Fintech Roadmap Committee and the VFA Working Group and in addition the Implementation committee:
“Probably the most fascinating facet of this complete factor is the choice by SEC Nigeria to setup an agile Fintech Innovation Unit on the SEC Nigeria workplace to, amongst different issues, handle investor relationships.
For me, that is the primary time an company of presidency in my lifetime has acted proactively for the curiosity of innovation on this my nation Nigeria. SEC Nigeria deserves all of the accolades it could get for doing this.”
Varied sub-committees had been additionally created to make the work simpler for the committee.
Observe us on Twitter for up to date posts and updates
Open a Paxful Bitcoin Buying and selling Account in the present day!