SEC to Fully Adopt Blockchain for Capital Market Operations

According to him, integrating blockchain will allow SEC to build a more transparent and efficient regulatory framework for the capital market.

The blockchain technology is a decentralized system that allows multiple parties to verify and validate transactions independently.

Mr Agama said integrating this system in the nation’s capital market would enhance efficiency, aid the seamless regulation, trust and security.

“We want to activate 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,” the DG said when he received a delegation from the Algorand Foundation at his office recently in Abuja.

“In this era of technological innovation, the question is not whether Africa will adopt blockchain, but how it will shape its adoption to maximize its benefits for all the people,” he added, stressing that the technology’s immutable and tamper-proof structure ensures transparency in financial transactions and regulatory oversight.

“Wherever there is a toxin in the blockchain, we will find it and deal with it. We will extend it to the point where the review of applications will be done on the blockchain, so whoever drops the ball will be seen,” Mr Agama said.

He said to harness blockchain responsibly, the agency introduced programmes such as the Accelerated Regulatory Incubation Programme (ARIP) and the Regulatory Incubation (RI) Programme.

According to him, these initiatives provide a controlled environment for firms in the digital asset space to test new models, products, and services while ensuring consumer protection.

To drive technological advancement, the regulator has engaged the Algorand Foundation to explore blockchain’s potential applications and benefits.