Digital Assets Classification aimed at investor protection, says SEC

The Securities and Exchange Commission (SEC) has said that the Digital Assets and their Classification is aimed at boosting investors’ protection in the capital market.

The Head, Registration, Exchanges, Market Infrastructure and Innovation of the SEC, Emomotimi Agama speaking on the guidelines in an interview said: “The first thing the SEC bothers about is investor protection.

“This is no different from what we have been doing. We are looking at investor protection, integrity, transparency and of course we want to make sure that the market is safe and everyone is comfortable with what is going on in the investment climate”.

Agama noted that last year the Commission launched the Fintech Road map and after that was done, it went ahead to set up the blockchain virtual financial assets committee.

“These committees are both markets wide and principally done to engage the market, to be able to have discussions with the market and get their buy-in into what we are doing.

“What we found out today is that a lot of persons, youths are all involved in this space and it is important that even as far as that is the case, the SEC lives up to the expectations and making sure that those people that are getting into the business are protected

“That is our aim and the market is part of this and indeed the feedback has been wonderful. People are happy with what we are doing, being able to provide some clarity as to where we stand in terms of digital assets regulation,” he said.