Agama: Blockchain and Digital Assets Can Revolutionise Capital Market

Kayode Tokede

The Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama has said that the commission’s approach to digital asset regulation recognises the potential of blockchain and digital assets to revolutionize the capital markets and shape the Nigerian economy.

Agama who spoke while delivering a Keynote Address at the Businessday Blockchain Conference 2024, with the Theme: “Building Africa’s Future: Harnessing Blockchain for Economic and Social Transformation,” said blockchain technology has moved beyond being a mere buzzword; it is becoming an essential part of the global financial and economic ecosystem. Its decentralised, transparent, and secure nature has led to innovations in various sectors—ranging from finance to supply chains, healthcare, and governance.

He said in Africa, where there are significant issues such as financial exclusion, lack of transparency, and inefficiencies in public and private sectors, blockchain presents an opportunity to build a future where these challenges are addressed.

He stated, “as the transformative potential of blockchain is being celebrated, it is important to address the role of regulation in enabling its growth. Regulation is often viewed as a barrier to innovation, but it is, in fact, essential to building a stable and trustworthy environment for innovation to flourish.”

“We have introduced several measures to ensure that these innovations are harnessed responsibly: Accelerated Regulatory Incubation Program (ARIP) and Regulatory Incubation (RI) Program: The ARIP and RI Program were designed to on-board firms operating in the digital asset space and provide a controlled environment to test new models, products, and services.”