The Securities and Exchange Commission (SEC) has warned individuals and business entities engaging in activities contrary to laid down regulations in the capital market.

The Director-General of SEC, Dr Emomotimi Agama, said in a statement in Abuja on Sunday, that the commission would deploy the law on such defaulters.

Agama said that the commission would soon commence enforcement against individuals and entities operating in the market without the intention of being regulated.

He said that the commission was committed to protecting investors, including those in the crypto-space. He urged all participants in the market to play by the rules.

”We are certainly going to commence enforcement actions on anyone who wants to operate in this market and does not have the intention of being regulated. ”This also applies to those in the crypto space.

”We are sending this signal to all those that want to play by the books that they are welcome to our space. ”For those that do not want to play by the books, of course we will not allow them operate within our space,” he said.

The director-general said that the commission issued Approval-in-Principle to two crypto exchanges because it observed that youths were becoming increasingly interested in the digital space.

Agama said that it was important to provide regulation, clarity, and investors’ protection, which were the primary responsibility of SEC.