SEC to engage Fintech, sanction operators frustrating e-dividend payment

The Security and Exchange Commission (SEC) has said it will continue to engage players in the Fintech space and support them to operate lawfully in a bid to ensure the delivery of safe products and services without stifling innovations.

This is the outcome of the meeting of the Capital Market Committee (CMC) of the Commission.

Briefing journalists on the outcome the meeting which was held virtually on Thursday in Abuja, SEC’s Director General, Mr. Lamido Yuguda said the Commission recognizes the impact of FinTechs on capital market activities, assuring that it remains committed to their development.

“Let me say that the SEC remains very supportive of fintechs. We have invested so much in developing a framework for supporting fintechs in the various areas and fintechs are acting in areas of crowd funding, investment advice and cryptocurrencies and the like.

“I therefore encourage FinTech firms to approach the Commission for due registration and desist from operating illegally,” he said.

The SEC helmsman said the Commission is also mindful of developments in the crypto asset space adding that following initial warnings to the public, the SEC undertook a process to further understand this class of assets, including setting up Fintech and Blockchain Committees and releasing a “Statement on Digital Assets and their Classification and Treatment” in September, 2020.

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