SEC warns capital market operators engaging in illegal practices, says enforcement action will begin soonThe Securities and Exchange Commission says individuals and business entities engaging in activities contrary to regulations in the capital market and cryptocurrency space will face the law.Agama said the commission would soon commence enforcement against individuals and entities operating in the market without the intention of being regulated.
Agama said the commission issued approval-in-principle to two crypto exchanges because it observed that youths were becoming increasingly interested in the digital space. “All these we seek to do without hindering innovation because part of our primary responsibility as the SEC is market development,” he said.“Clearly, the majority of persons involved in this space are the youth, therefore, providing a regulated space for these individuals is a primary responsibility of SEC.
“Full disclosure and making sure that they meet the anti-money laundering and combating financing of terrorism report. Also, education is important as well as a guided regulatory space.”
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