BUSINESS
Blockchain tech will aid capital market regulations – SEC

The Securities and Exchange Commission (SEC) says the deployment of blockchain technology will improve efficiency and aid the regulation of the capital market.
Dr Emomotimi Agama, the Director-General of SEC, said this when a delegation from Algorand Foundation visited him in Abuja on Tuesday.
It was reported that blockchain technology is a secured, decentralised database that stores and shares transaction data across a network of computers.
It is known for its use in cryptocurrencies but it has many other applications.
Agama said blockchain presented an opportunity to build a future where Africa’s significant issues of financial exclusion, lack of transparency, inefficiencies in public and private sectors would be addressed.
He said the commission was consistently aligning with international best practices by collaborating with global regulatory bodies such as the International Organisation of Securities Commissions.
Agama said the collaboration was to ensure the commission’s regulatory framework remained robust, adaptive, and enabled cross-border collaboration and foster investors’ confidence.
He noted that SEC had introduced several measures including the Accelerated Regulatory Incubation Programme and Regulatory Incubation to ensure the innovations were harnessed responsibly.
Agama added that the programme would foster innovation as well as safeguarding consumers.
According to him, the recent approval-in-principle granted to two digital asset exchanges and five firms participating in these programmes is a testament to our commitment to enabling innovation.
”In this era of technological innovation, the question is not whether Africa will adopt blockchain, but how it will shape its adoption to maximise its benefits for all the people.
“We want to activate the blockchain in our efficiency; we want to be able to use it to regulate our market.
”My dream is to have all of the information we need to do our work in a blockchain. We want to bring technology into our system for effectiveness where we can work seamlessly and everything that we do will be traceable.
“So, wherever there is a toxin in the blockchain, we will find it and deal with it.
“We want to leave a legacy that each of us will be proud of when we leave this commission but in getting that to happen, we must all be educated enough to drive that course,” Agama said.
Mr Eric Wragge, the Global Head of Business Development, Algorand Foundation, said the team was in the country to democratise technology and assist interested organisations and businesses take advantage of the benefits of blockchain technology in their operations.
“It is an honour to be here.
”We are here to tell you what block chain is all about and how it can help your work.
”It is free to use, our job is to go round the world, discover where the technology can be used and help people implement,” Wragge said.