The Fintech Roadmap Working Group Committee will develop a supportive and regulatory framework for blockchain and virtual financial assets that is aimed at effective investor protection, financial market integrity, and financial stability.
The 10-member committee was informed by The Fintech Roadmap Report which was presented to the Nigeria Capital Community in August. The report had the following recommendations for the SEC:
“A well regulated Blockchain and Virtual Financial Assets industry means a market where players and operators have the required confidence that could boost liquidity. Investors confidence is key to mass adoption. The working group will provide the needed framework that will achieve the aforementioned.
Our argument was that Blockchain and Virtual Financial Assets are new and unique in various ways. It deserves a specific working group.”
Part of the committee mandate is to compare global practices when it comes to taxonomy and classification of cryptocurrencies either as a commodity, security, or currency and recommend a suitable adoption model for the Nigerial Capital Markets.