Regulation: SEC Teams Up with Nigeria and Kenya Schools of Government to Launch Crypto …

The Securities and Exchange Commission of Nigeria (SEC Nigeria) has partnered with the Kenya School of Government to introduce a specialized course on cryptocurrencies and digital assets, aimed at policymakers and regulators. The collaboration aims to address the knowledge gap surrounding digital assets among leaders responsible for regulating them, targeting regulators, financial sector executives, policymakers, legal and compliance professionals, innovators, and ecosystem leaders.

The program, known as “Digital Assets Innovation, Industry, Regulation and Compliance (DAIIRC),” seeks to educate leaders and decision-makers in financial institutions about digital assets’ role in enhancing financial access. The course will cost $1,500, with participating institutions sponsoring their executives to undertake the training.

Nigeria has seen a significant surge in crypto adoption, with over 33% of its 220+ million population actively involved in cryptocurrencies, making it one of the largest digital asset markets globally and a frontrunner in Africa. This rapid adoption has posed challenges for regulators, who must confront issues such as the use of unregulated exchanges and peer-to-peer platforms, crypto scams and fraud, lack of standardized rules leading to investor and business uncertainty, and tensions between regulators and banks limiting access for crypto users.

Dr. Emomotimi Agama, Director General of SEC Nigeria, emphasized the importance of equipping regulators, policymakers, and market leaders with the necessary tools to engage confidently with digital assets. The collaboration with the University of Cambridge and Busha for an executive program underscores their commitment to fostering a regulatory ecosystem that can effectively manage Nigeria’s role as Africa’s crypto hub.

The SEC’s new course aims to educate policymakers, lawmakers, and senior regulators on blockchain fundamentals, crypto market risks and opportunities, and crafting policies that balance innovation, investor protection, and financial stability. This initiative comes as SEC Nigeria paused new registration approvals for crypto exchanges due to challenges with the due diligence process, while Kenya continues to grapple with crypto regulation following its grey-listing by FATF.

By enhancing regulators’ capacity, the SEC hopes to establish a trusted regulatory framework that can effectively oversee Nigeria’s position as a leading crypto market in Africa. The training course could signify a turning point in collaborations, empowering regulators to bridge the gap and engage productively with the rapidly evolving digital economy.

Overall, the partnership between SEC Nigeria and the Kenya School of Government highlights a crucial step towards fostering understanding and regulation of digital assets among key decision-makers and regulatory bodies in Nigeria and Africa at large. It is a significant stride towards creating a regulatory environment that supports innovation, investor protection, and financial stability in the burgeoning crypto space.