News
Reps Calls For Review Of Capital Requirement for Crypto Service Providers, POS Operators
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/08/house-of-rep.jpg&description=Reps Calls For Review Of Capital Requirement for Crypto Service Providers, POS Operators ', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/08/house-of-rep.jpg&description=Reps Calls For Review Of Capital Requirement for Crypto Service Providers, POS Operators ', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
By Gloria Ikibah
The House of Representatives Ad-Hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale (POS) Operations in Nigeria has said that the N500 million to N1 billion capital requirement set by the Securities and Exchange Commission (SEC) for Virtual Assets Service Providers (VASPs) was toohigh and prohibitive.
Chairman of the Committee, Rep. Olufemi Bamisile, who stated this during its technical session with key regulatory and security agencies on Monday in Abuja, urged the SEC to review the capital requirement to make it more accessible and inclusive.
The lawmaker noted that while regulation of the cryptocurrency sector was crucial, the current capital threshold can choke innovation, discourage legitimate investors, and exclude emerging entrepreneurs, particularly young Nigerians, who hold the potential to drive economic growth and Nigeria’s digital transformation.
During the session, the Economic and Financial Crimes Commission (EFCC) informed the Committee that all confiscated virtual and digital assets linked to criminal activities are currently in its custody.
The Commission further revealed that it keeps dedicated digital wallets across its zonal offices for the safekeeping of such assets.
In response, the Committee directed the EFCC to provide comprehensive records of all digital asset confiscations to support its ongoing legislative review and policy recommendations.
The Chairman therefore restated the commitment of the Committeto developing a regulatory framework that balances innovation with oversight, safeguards the financial system, and promotes transparency, youth inclusion, and national security in Nigeria’s digital economy.
He, however, expressed displeasure over the failure of several key institutions, including the Office of the National Security Adviser, Central Bank of Nigeria, Nigerian Communications Commission, Federal Inland Revenue Service, Ministry of Finance, and Ministry of Communications, Innovation and Digital Economy, to honour its invitation to the meeting.
Rep. Bamisile said the economic and security implications of the rapidly evolving digital finance sector should be take seriously.
President Bola Ahmed Tinubu has clinched the APC presidential ticket for 2027 after a landslide win in the party’s primaries held Saturday across 36 states and the FCT.
The results were declared Sunday at the Bola Ahmed Tinubu International Conference Centre in Abuja. Tinubu polled 10,999,967 votes, defeating sole challenger Stanley Osifo who got 16,504 votes.
Osifo failed to register a single vote in 21 states and the FCT. His only recorded vote came in Edo State.
His best showings were in Niger with 5,248 votes, Kano with 2,675, Bauchi with 2,650, and Abia with 1,007.
Tinubu swept every state, with his highest tallies in Lagos at 814,988, Adamawa at 644,149, Kaduna at 618,914, and Imo at 582,960. Kano delivered 500,852 votes, Katsina 467,003, and Gombe 450,517.
Other notable results:
– Bayelsa: 227,192
– Delta: 407,646
– Borno: 414,988
– Enugu: 383,382
– Akwa Ibom: 389,197
– Benue: 374,787
– Ogun: 322,485
– Kwara: 310,990
– Sokoto: 301,000
The party said the primaries covered all 484 wards in Kano, where Tinubu also swept every ward.
With the outcome, Tinubu is now the official APC candidate heading into the 2027 general election.
Abuja Electricity Distribution Company has finally announced that it has restored electricity supply to State House, Nnamdi Azikiwe International Airport, Lugbe, Garki, and other areas in the nation’s capital after an outage.
AEDC disclosed this in a notice on Saturday night.
Recall that major parts of Abuja were thrown into darkness due to the Transmission Company of Nigeria’s Apo substation fault.
TCN had on Saturday issued an update noting that its engineers were working to fix the fault.
In a notice later on Saturday night, AEDC announced electricity supply has been restored to affected areas.
“Abuja Electricity Distribution Plc (AEDC) is pleased to inform our esteemed customers that power supply has now been restored to affected feeders following the successful restoration of the 100MVA Transformer (TR3) at the Apo Transmission Substation by the Transmission Company of Nigeria (TCN),” AEDC stated.
By Kayode Sanni-Arewa
Joshua Adeji & Co, a Lagos-based law firm established in 2016 by Joshua Osemudiamen Adeji has opened its new office and mediation center in Lagos.
The office is situated at 16, Adeniran Ogunsanya, Surulere, in Lagos.
Speaking at an event that brought together clients, business leaders, and key figures in Nigeria’s legal community to celebrate the firm’s continued growth and commitment to excellence, the Principal partner, Joshua Adeji reiterated the firm’s steadfastness to offer top-tier legal services to clients across multiple sectors of Nigeria’s and Africa as a whole.
He further stated that the newly established law firm and its Mediation Centre would serve as a hub for fast, amicable and efficient resolution of commercial disputes.
The Firm, he stated, would assist clients to amicably resolve their disputes to align with their commercial goals and help clients navigate complex laws, protect their rights, and resolve disputes.
Tinubu clears APC primary elections with 10.9m votes, secures 2027 ticket(See results)
Just in: Celebration as Arsenal win premier league title after 22 years
AEDC finally announces electricity restoration in Abuja after blackout
-
News19 hours agoSee Abuja Airport road at night, Wike is propelling Renewed Hope Agenda to greater heights (Photos)
-
News19 hours agoTinubu wins APC presidential primary, to receive certificate of return today
-
News19 hours ago
Delta APC Declares Tinubu Winner of Presidential Primary with Over 407,000 Votes
-
Metro19 hours agoTragedy in Ogwashi-Uku: Delta Police Deny Shooting, Say Two Died in Abandoned Well
-
News19 hours agoObi meets S’African leaders over xenophobic attacks on Nigerians
-
Metro19 hours agoKidnapped Child Rescued as Delta Police Intensify Crackdown on Crime
-
Sports19 hours agoAFCON: Morocco’s King Pardons Jailed Senegal Football Fans For ‘Humanitarian Reasons’
-
News19 hours agoAPC Presidential Primary Holds Peacefully Across Delta, Tinubu Secures Massive Support