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Stakeholders in blockchain technology in Nigeria have expressed optimism and faith in the newly appointed Securities and Exchange Commission (SEC) Director-General. The pro-crypto history of the new SEC Chair is viewed as an additional benefit for the regional crypto sector.

Emomotimi Agama, a former managing director of the Nigerian Capital Market Institute (NCMI), has been named by Nigerian President Bola Ahmed Tinubu as the new chair of the SEC.

The objectives of this position are to foster economic growth, improve investor confidence, and control the capital market.

Local cryptocurrency stakeholders discussed their thoughts regarding the new appointment in interviews with Cointelegraph.

The CEO of Flincap, an over-the-counter cryptocurrency exchange, Nathaniel Luz, stated his delight over the appointment, predicting positive improvements in the crypto sector due to the Director-General's pro-crypto beliefs.

Luz said that the community is looking forward to the new chair working together with startups to streamline their licensing process for operating crypto platforms in Nigeria.

With the government issuing licenses for crypto organizations this year, Luz believes assisting numerous crypto startups in obtaining these licenses will ensure compliance and operational stability for exchanges in the country.

Similarly, Lucky Uwakwe, chair of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) and founder of SaBi Exchange, described the appointment as a “wise decision,” considering the new Director-General’s wealth of experience in blockchain and the capital market.

According to Luz, the new leader needs to clearly state that cryptocurrency is not prohibited in Nigeria.

Given recent developments and uncertainties surrounding cryptocurrency regulations in the country, stakeholders are seeking a clear declaration from the leadership to confirm the legality of crypto activities. Luz said:

“We expect that his administration will separate the baby from the bath water and show that the crypto industry has several exciting benefits for the country.

We need to prove to the whole world that we are open for crypto business despite the issues that some exchanges might have experienced in the country.”

In February, the Nigerian government used the country’s telecommunication providers to prevent local crypto users from accessing the websites of various crypto exchanges, such as Binance, OctaFX and others.

Authorities then accused Binance of illegally moving $26 billion out of the country and invited the firm to send representatives to discuss the issue.

After meeting with Nigerian officials, two Binance employees were subsequently taken into custody and accused with five charges of money laundering.

Nadeem Anjarwalla, one of them, managed to get out of detention and was found in Kenya, where he is being extradited.