The Securities and Exchange Commission (SEC) says it will put on hold, admittance into its Regulatory Incubation Framework for Fintech firms, all persons affected by the Central Bank of Nigeria’s ban on cryptocurrency.
The commission made the disclosure in a statement issued on Thursday.
It said that assessment of all persons and products affected by the CBN circular of February 5 would be on hold until such persons would be able to operate bank accounts within the Nigerian banking system.
“For the purpose of admittance into the SEC Regulatory Incubation Framework, assessment of all persons (and products) affected by the CBN Circular of Feb. 5, is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system,” it said.
The commission, however, said that the planned implementation of the SEC regulatory incubation guidelines for fintech firms intending to introduce innovative models for offering capital market products and services would continue.
The commission assured the investing public that it would continue to monitor developments in the digital asset space to promote economic development.
