CBN Governor Redirects Crypto Regulation To SEC, Stresses Cooperation

In an unexpected development, Governor Yemi Cardoso of the Central Bank of Nigeria (CBN) declared that cryptocurrency regulation lies within the domain of the Securities and Exchange Commission (SEC), distancing the CBN from direct oversight.

This statement, made during a media event, marks a significant departure from the CBN’s previous stance on cryptocurrency governance. Cardoso emphasized collaboration with law enforcement agencies and regulatory bodies responsible for overseeing Nigeria’s burgeoning crypto sector, signaling a shift towards a more cooperative regulatory approach.

The governor’s remarks come amidst ongoing scrutiny of Nigeria’s crypto industry, including the recent detainment of Binance executives by Nigerian authorities. Cardoso refrained from directly addressing this incident, indicating a desire to avoid entanglement in law enforcement matters. Instead, he focused on delineating regulatory responsibilities and fostering cooperation between relevant agencies, highlighting a nuanced approach to navigating the complex landscape of cryptocurrency regulation in Nigeria.

Clever Robot News Desk 29^th March 2024