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00:00:04in in
00:00:10At tversa news, wherever the big news stories happening,
00:00:14we're get up to break it, tvc news first
00:00:18with breaking
00:00:19news.
00:00:31of
00:00:41this is Business
00:00:42of Nigeria, Tuesday's edition, now these are the stories we're tracking for
00:00:46you right about now, National Economic Council approves
00:00:50refinancing of 3.3 billion
00:00:53of dollar projects gazel, now Nigeria gains or the Nira,
00:00:57beg your pardon gains 3ira 38 cober. other fx
00:01:00market trades at $1,365 to
00:01:04dollar, AFDB approves $35 billion dollars to
00:01:08boost Senegal's public finance management. Well,
00:01:12let's quickly go into our commodities space this
00:01:15afternoon and see what the market uh is trading
00:01:18at. Let's start with gold. Gold is trading at
00:01:22$4,124, it's positive
00:01:2533.50
00:01:27of and it's 0.82 percentage
00:01:29of points. green while for
00:01:31of silver 2.45% points in green
00:01:351.42 positive
00:01:37$59.28 for
00:01:40of uh an ounce kopari $664 while
00:01:43platnum is $1,659 89 cents all for
00:01:47an ounce positive 10.60 positive
00:01:5027.46 1.62 percentage points in
00:01:54green platinum is 1.68% also in green all
00:01:58of the commodities on this first slide. uh coincidentally are standing
00:02:02tall in green, well let's see if it's same for the other chart, no
00:02:06cotton is dipping 0.82% in red, negative
00:02:090.68 and it's $81.89. now let's see
00:02:13other commodities,
00:02:14of coco, i would say is in focus
00:02:18today, at $5,939 for metric
00:02:21turn, coco seems to be bouncing back to the days of 6,00 and even
00:02:25above $6,00 for
00:02:28a metric a turn, in look at significant. change 542,
00:02:3110.04% in points we to 0.61% in
00:02:35green, trading
00:02:36a at $6.55 for metric ton, $473 for
00:02:40metric ton of corn and is 0.11% in green.
00:02:44Asian markets were choppy
00:02:46of today. investors weighed whether strong united states corporate
00:02:49earnings would provide fresh momentum for AI related
00:02:53stocks across the region. meanwhile,
00:02:56MSCI's broadest index of Asian Pacific shares outside
00:03:00of Japan down 0.1% as South
00:03:04Korea Kospy uh the shares swang between gains and
00:03:08losses Japan's
00:03:09of Nickel nudged 0.2% at that seta cosi
00:03:13of 1.2 and Japan's Nickel
00:03:16of and now you see that uh it's in green
00:03:190.2% that's uh moving to uh
00:03:23of emany features were 0.3% higher markets
00:03:26took confidence
00:03:28of from showing that United States manifest. facturing activities that increased
00:03:32to the highest level in more than four years
00:03:34in in July, sending the Dow
00:03:36of Jones industrial average to
00:03:38a record close against the yearn, the dollar was up
00:03:43of 0.3%. hm, at 157.62 year rebuilding strength
00:03:47after coordinated intervention by the United States and Japanese
00:03:50authorities to pop up the
00:03:53of yearn last
00:03:54in week. now crude oil prices rebounded
00:03:581% recovering from the previous declines concerns
00:04:01remain that the middle east supply could be jecky as a
00:04:05diplomatic resolution to the US Iran war still seems
00:04:09tough. Now United States West Texas intermediate crude
00:04:13rose to $80.75. It's in green
00:04:160.51% points an optic. Brand Crude
00:04:20Features sells for $84.96 with an
00:04:24upward price margin also of 1.42 percentage points.
00:04:27Indian basket experienced a decline. of
00:04:32of of of 5.78% trading at $88.12 for a
00:04:35of barrel for the OPEC basket dealers are offering
00:04:38$79.50 for a barrel, it has a
00:04:42downward price margin of
00:04:44$10.04%.
00:04:49now the insurance industry in Nigeria is entering
00:04:53uh into uh uh face as the National Insurance
00:04:57Commission
00:04:58a Nicom announces successful completion
00:05:01of the country's insurance sector recapitalization
00:05:04exercise. The regulator says the milestone macks the
00:05:08beginning of a stronger and more
00:05:11a resilient insurance industry. better positioned to support
00:05:14economic growth, now the 12 month exercise carried out
00:05:18under the Najan Insurance Industry Reform Act, 2025,
00:05:22so 43 insurance and reinsurance companies meet the
00:05:26minimum, new minimum capital requirements after rigorous
00:05:30review and verification process. Nicom says
00:05:34another eight operators are undergoing final regulatory
00:05:37checks with decisions expected within the next two
00:05:40weeks. According to the... mission, the recapitalization
00:05:44as strengthening the financial capacity of insurance
00:05:47companies, attracted fresh local and foreign
00:05:50investment and boosted investor confidence in the
00:05:54sector. it adds that the stronger capital base
00:05:58will enable insurers to underwrite larger risk, settle
00:06:02claims more efficiently and support critical
00:06:05infrastructure and economic development. now Nicom
00:06:08says the exercise lays the foundation for a more trans
00:06:12transparent, innovative and globally competitive insurance
00:06:16market while reinforcing consumer protection and financial
00:06:20inclusion. the commission also reassured policy holders
00:06:24that the reforms are aimed at building greater public confidence
00:06:28and ensuring insurance delivers more value to
00:06:31Nigerians. our guest today live from our Buja studios
00:06:35is deputy commissioner for insurance, finance and administration
00:06:39at the National Insurance Commission, Mr. Ecurity.
00:06:42olagaamikon, it joins me live from Abuja, like I said earlier. Good
00:06:46afternoon, thank you so much for joining us on Business
00:07:00completion of insurance sector recapitalization exercise.
00:07:04I'm excited, I must say after the banking, now we moved to insurance
00:07:07space. Well, what does this milestone mean for the
00:07:11Nijan insurance? industry and what key objectives has the
00:07:15commission achieved through the
00:07:16exercise?
00:07:20okay, thank you very much toulu and I'm
00:07:24happy that we have this opportunity to share
00:07:27um what this means to us as industry and
00:07:31what this means
00:07:32to to Nigeria, so let me just put it simply, it means
00:07:36for for for the insurance industry, it means
00:07:39respect, it means opportunity.
00:07:43and it also means renewed vision,
00:07:47indeed, as you were reading the the the message from
00:07:51the National Insurance Commission, it's just for me to
00:07:55restate that what this has done for the
00:07:58commission, the objectives that are achieved is essentially to
00:08:02strengthen public confidence and
00:08:05also enable greater access to
00:08:08insurance and of course foster innovation
00:08:12and and collaboration um where we have been and
00:08:16where we are now, the difference essentially is that um the
00:08:19process has enabled us to see lot more people showing interest in
00:08:23insurance and we are happy as an administration the national insurance commission
00:08:27that all the work that we have been doing has gotten to this point where we
00:08:31can say indeed we are ready for the next phase that the insurance
00:08:35industry will will take, a good start,
00:08:39must say, now one the major goals of
00:08:42capitalization is to strengthen the financial capacity of
00:08:46insurance companies, how would this translate
00:08:49into better protection now for policy holders and
00:08:53improve claim settlements and greater public confidence in the
00:08:56industry? okay, so
00:09:00so essentially I just need to take us back a bit and and and remind us
00:09:04Nigerians that when we came as an administration, shortly after
00:09:08we came in, we said to the insurance operators,
00:09:12that will have zero tolerance to
00:09:16claims um delay and uh
00:09:19claims uh being being not settled and
00:09:22so that's environment we had created and in the course of
00:09:26this journey through the process of recapitulation it had been emphasized
00:09:30um at some point we had to uh circulate
00:09:33another uh directive to all operators that if
00:09:37they do not settle um outstanding claims
00:09:40you know they will not scale to to and this
00:09:44was something that we took very seriously and ensure that all the 43
00:09:48uh 41 insurance companies that you have seen, indeed the 43 insurance
00:09:52companies including the reinsurance companies have all had their claim settled up
00:09:56to June of of this year and when I say claims I
00:10:00mean claims that have been discharged
00:10:02you know just for clarity uh that's one that's one side to it and then
00:10:06it also means that the insurance companies you know
00:10:10will not only be using their money to settle claims but would also be able to
00:10:13invest, don't forget insurance premiums are invested
00:10:17in the economy and so that provides lot more money
00:10:20for for for for the economy in terms of um investible funds.
00:10:25for the economy and and uh besides that it also puts
00:10:29us a position where we are able to also participate in other
00:10:32developmental uh projects in the economy by way of
00:10:36um supporting
00:10:38you know SMEs in terms of um funding and um
00:10:41also support government in terms of uh debts that can be
00:10:45borrowed for for purposes of infrastructure
00:10:47development again the
00:10:50recapitalization exercise as prompted mergers
00:10:54and accusations and fresh capital injection across
00:10:58the industry, let ask how has Nicom
00:11:01ensured that the process promotes a stronger and more
00:11:05competitive insurance market without compromising consumer
00:11:09interests. Okay,
00:11:13great, um, you, you, you might recall that,
00:11:16we did say in the course of this journey that no insurance
00:11:20company would be allowed to to to fail, and and and
00:11:24that was... why we took deliberate steps to ensure that we
00:11:28had what we call the recapitalization help desk at the
00:11:31commission to help companies that were uh
00:11:35financially weak to go through the process, we had
00:11:38those conversations with those companies and encouraged
00:11:42discussions around um combining their businesses,
00:11:46and so we we've had companies that were doing
00:11:49life and non-life businesses, some them have had to drop one
00:11:53one one side the business. to go forward and um other companies
00:11:57have had to pick up those those opportunities that they've dropped or those
00:12:01portfolios that they've dropped and um we have
00:12:05had lot more of fresh capital coming in, must
00:12:09say um while we haven't seen as much majors as
00:12:12as an acquisitions that we had expected to
00:12:16see and uh we have viewed it as
00:12:20probably the capital level was not as high as
00:12:24to ' force people to actually go into the kind of measures we wanted
00:12:28to see, but we are happy with what we have seen. lot of fresh
00:12:31capital has come in into into the sector and we are looking forward
00:12:35to uh indeed even making greater results before the end the
00:12:39year. don't forget our growth rate, mean year
00:12:43on year for for premium is at about
00:12:4665%, considering what we did in
00:12:492025 uh, between 2024 and
00:12:522025, in 2024. the industry made
00:12:561.5 trillion and in 2025 the industry made 2.3
00:13:00trillion, so it begins to look like uh, we might be hitting
00:13:03the the 10 trillion mark earlier than we we expected, but it's
00:13:07looking good, very good. well, I would definitely
00:13:11ask you that despite the growth uh seen in the
00:13:15insurance industry uh, penetration
00:13:18remains relatively low in
00:13:21Nigeria uh, with recapitalization now complete,
00:13:25"I want to ask you practically that what strategies will
00:13:28Naken pursue to expand insurance
00:13:32coverage, deeping inclusion and increase
00:13:35awareness of products. That is something that is key to me.
00:13:39How do we, how is Nicom going to drive this moving
00:13:41forward? Okay, so one
00:13:45word that is going to come through as we go forward uh
00:13:49beyond recapitation would be that of um
00:13:53enforcement and another. that will come to be that of
00:13:56collaboration um because we we on our
00:14:00own we can do we can do little uh as you may have
00:14:04seen in in in the past couple of years we've done
00:14:08a lot of collaboration with the with the Nigerian police force we've done a lot of collaboration
00:14:12with the federal road safety and we are not just doing
00:14:15that uh I mean on the back of that for
00:14:19example is the accidents um victims compensation
00:14:23fund which gives
00:14:25some some access to the police in terms of funding and the federal road safety to
00:14:29be able to support this whole process of ensuring that um
00:14:33people that put their vehicles on the road have insurance and then
00:14:37people that are injured on the road you know are also
00:14:40compensated because sometimes you have uninsured vehicles um on the
00:14:44road and accidents happen and it becomes a real bad
00:14:48situation for for Nigerians that's what the fund is is meant for
00:14:52and to also deepen in the area of building and all of that all
00:14:55the properties across the country, we've got the fire maintenance
00:14:59uh uh fund which which is um coming from the premium
00:15:03that insurance companies uh generate, percentage of that premium is set
00:15:07aside for for to fund that process and it's also meant
00:15:11to ensure that um training is done, is also meant to
00:15:15ensure that equipments are are gotten across the country
00:15:19to to restore
00:15:20you know businesses uh when they face such uh situations and don't
00:15:24forget also that part of what this capital will do
00:15:27in in growing the business is that when premium is generated, the insurance companies are able
00:15:31to also fund and another important angle to it, which is
00:15:35the policy holders protection f. which is put there to indeed
00:15:39ensure that a very practical way policy holders are not left
00:15:42stranded and that is already in place and is beginning to
00:15:46get funded by insurance companies from the premium they generate so these
00:15:50are these are the ways that we will be able to to to do this
00:15:54enforcement collaboration and then be able to ensure that
00:15:58compensation happens at every level all right
00:16:02interesting stuff there but i would one more question before
00:16:05i i i know aware the
00:16:09third party insurance thing and what he used to be before now
00:16:13in local palance where we say police let me pass people will say
00:16:16that but i see that there was that new energy from
00:16:19ncom uh you know trying to say that no it's more than this and you
00:16:23know your drive towards addressing fake documents and all
00:16:27of that in Abuja and lagos followed some the raids that you went
00:16:31for and all of it but i want to ask how well uh this
00:16:35is playing out talking about third party insurance thing
00:16:39uh, what are the positives after all of this moves, your partnership with the
00:16:42FRSC, the Nijan police force, okay, how well have we are we
00:16:46doing with regards to that? okay, okay,
00:16:50so so we're doing very well with that, um, we
00:16:53uh, one, we are the verge of um, actually taking
00:16:57some people through the process of prosecution, because they
00:17:01were, they were, they were caught in the act when the raid was done, so that
00:17:05process is ongoing with the with the FCT police command um
00:17:09and um recently also we have had to do
00:17:12uh a training session for the FCT uh police command which we are also
00:17:16going to restain to other parts the country to really bring the education
00:17:20of um the third party how it works the the meaning of it
00:17:24and how we can verify when you actually stop people
00:17:28how we can be verified the platform is available for that verification
00:17:31and so they are shown how that happens to be able to enlighten them and train
00:17:35them and we are we are. making progress from where we were the last time in that
00:17:39in
00:17:40that in that regard, the other thing also is that um we are able
00:17:43to uh insight you know
00:17:47people, i use that word deliberately because sometimes is more than
00:17:50education you know to to see that look you can't continue to rely
00:17:54on these fake uh certificates that you have all over the place you
00:17:58know because these fake certificates are unfortunately sold through
00:18:01official channels and what we have done is to is to bring those
00:18:05guys out and let them know that and let the public rather know that these guys
00:18:09are fake and so if you if you go and buy insurance from
00:18:13those platforms don't expect any kind of compensation um so
00:18:17we are on going with that and the the enlightenment continues you know is
00:18:21something that we intend to take across the country
00:18:24you know we've done it in abuja we've done it in legos and legos has been very
00:18:28fantastic because in legos in fact the government has thinking upon
00:18:32themselves everybody knows now that in lagos in certain areas when you drive
00:18:35through you are in trouble when don't have the juniine insurance
00:18:39cover, so that's what we expect to see,
00:18:40and in the course of time we will have that in the country. why are we doing all of this? is just to
00:18:44give the public confidence, people should not go out their homes and be
00:18:48involved in some situation that we call accidents that they not plan
00:18:52for, and become financially disabled or lose out in their vision
00:18:56or dreams just because they couldn't get compensation. that's the whole idea at the
00:19:00end the day. so almost finally uh,
00:19:03awareness again comes to my mind, uh, in
00:19:06you the... know,
00:19:07even the news room here we had that conversation that insurance,
00:19:11awareness, awareness, awareness, yes, before I came on on set,
00:19:14so again I want to ask uh, what is Nakon
00:19:18planning as we move, we are in the second half the year already to
00:19:22dipen awareness across the board, what more should we be
00:19:26expecting, and how also are
00:19:29your uh companies that have been able to scale through this
00:19:33process, how are they fairing, what's their reaction, I think they should be
00:19:36excited by now, just like the banks were when they scaled through uh
00:19:40the CBN recapitalization
00:19:42exercise so so
00:19:45so so let let me start from how how they are fairing i
00:19:49should mention that uh shortly before i came i came i came into the
00:19:53studio i left left my colleagues in the office
00:19:57handing out certificates to the the
00:20:01recapitalized insurance companies their new licenses rather wow and it
00:20:04was exciting all over the room for for those were there to to get
00:20:08their their um new uh licenses
00:20:12and um they know because we have
00:20:16been on this journey, getting the license is just like
00:20:20the icing on the cake, the cake has been has been made and so getting
00:20:24to bake new cake is where we are and to do that we need to
00:20:27really get our mindsets right and and i
00:20:31can tell you that today you no longer have people shouting all
00:20:35across the country, i have claim that has not
00:20:37been paid. by insurance company, if that is happening, then it means that the person
00:20:41probably doesn't know where to go, and that is why even on this program, I'm
00:20:45happy to to say categorically that if you have
00:20:48claim, that's not. by insurance company, genuine claim, valid
00:20:52claim, please come forward and we'll deal with it. we we've had such situation
00:20:56and people that never believe that they could get their claim, are getting their claim
00:20:59settled, so lot a lot has changed, the insurance companies are happy, we
00:21:03are happy, yes there's a lot more to do, absolutely there's a lot more to
00:21:07do, because people still believe in the past,
00:21:11the people still live in the past in terms of way insurance is, and that's why you have that
00:21:15conversation that you're having in the studio, test it tulu, and tell
00:21:19you su you you will see the difference, because
00:21:23now insurance companies know that they can't toy with not paying
00:21:27claims, insurance companies know that they can't to with misinforming or
00:21:30misleading members the public on the kind of products that they have,
00:21:34if they have a product that that is that is misleading we withdraw it, if
00:21:38our product is misleading will not approve it, so those are the ways that we are we are
00:21:42taking steps to guide against people getting on
00:21:46the wrong side, what is awareness basically, mean people get to be
00:21:50but I tell you, I have seen too many Nigerians go the wrong way, even when
00:21:54they have heard, they still allow people to mislead them, and that's why we are saying
00:21:58the website is there, the social media handles are there, go ahead, get
00:22:02information,
00:22:03you know, and with AI these days you can get the right information before you
00:22:07before you actually start that journey, you know, so that's what we expect in terms
00:22:11of in terms of going forward, lot of engagement, lot of questions being
00:22:15answered, and what we are doing now is something that we intend to do
00:22:19lot more, as we go forward even before the end the year,
00:22:22great, great stuff. now finally, looking ahead, let's look at,
00:22:26you've talked about some of it, but what will be the commission's
00:22:30vision for the entire sector, let's say over the next five
00:22:33years, what you the investors, insurance operators, policyholders
00:22:37expect now, in terms of regulations,
00:22:40innovations, digital transformation, and of course
00:22:44market growth,
00:22:47so so to put all of
00:22:49this in, a very simple way that we all understand, yeah, we're trying to say
00:22:53that it becomes easier for you to get
00:22:57insurance and it becomes easier for you to get your claims paid, it becomes
00:23:01easier for you to relate with
00:23:04insurance because you will better understand insurance than
00:23:07before, and to the issue here is that
00:23:11if you don't have insurance policy you can't understand it, there are people that have had
00:23:15insurance policies for 10 years and they never had claim and they had claim in one year and
00:23:19the are whole
00:23:21you know understanding of insurance changed and there are some people who had
00:23:24insurance in six months they had claim and it made them
00:23:28believe that oh if you don't have insurance then you don't know what you are doing so
00:23:31insurance is experience have the experience and when
00:23:35we have seen people with bad experience all we have done
00:23:39you know since we came in has been trying to give people better experience and that's why we are
00:23:43saying that making insurance work in Nigeria is our
00:23:46mission that we are looking to accomplish but the the
00:23:50vehicle to do that is the recapitalization, however in
00:23:54that vehicle that we are now moving to guess what, yeah, after
00:23:58recapitalization, there is another level of capitalization that we are talking about, which is the risk based
00:24:02capitalization, mean so when that happens even
00:24:06the insurance companies that are recapitalized now will know that they haven't even started yet, because what are we
00:24:10talking about is basically saying that the risk you you must have capital to
00:24:14support the risk that you carry you know and so we are going
00:24:18to continue assessing the insurance companies based on the capital
00:24:22and ensure that they continuously be a strong position to support the
00:24:26customers that they have, what's our work at the commission? our work at the
00:24:30commission is to ensure
00:24:31that the insurance companies keep the promise that they have made to the public, it's as simple as
00:24:34that, and so in whatever shape and form, the color
00:24:38uh of innovation and all of that, as is simple, ensure that you
00:24:42keep your promise that you made to the customers and that's way we believe that
00:24:45nigerians will now have confidence in the insurance
00:24:48ecosystem, go ahead and and leave their dreams, do their business, knowing that
00:24:52if something goes wrong, we will be you know
00:24:56compensated, we will be restored back to the position that we
00:24:59were, and and that way, that's how growth can
00:25:02happen,
00:25:03you know, in that order, thank you very much, well it's a good way to
00:25:07live it, Mr. Secur, is the deputy commissioner for
00:25:11insurance, finance and administration at Nicom, thank you so much for
00:25:15this clarity, making us understand all of this, uh, we
00:25:18hope to see you again soon.
00:25:20you know doing some monitor and evaluation of all these processes moving forward, thank you for
00:25:24your
00:25:29all still to come on the program, we would focus on the guidelines
00:25:33on virtual assets uh, taxation released by the
00:25:36Nigerian revenue service, I mean to the burning economic and
00:25:40geopolitical issues, my next guest is a partner,
00:25:44tax reporting and strategy, price water house coopers,
00:25:48Mr. Kennet erikume. He joins me virtually right
00:25:51after this break, don't go
00:25:53away.
00:26:07We're glad to have you back now, Nigeria is taking another major
00:26:11step in regulating its fast growing digital economy. The Nigerian
00:26:15revenue service has released new guidelines that set on how
00:26:19cryptocurrencies and other virtual assets will be taxed across the
00:26:22country. The new framework provides clear rules for tax payers, virtual
00:26:26assets service providers, pair to pair marketplace operators and
00:26:30other in others involved in digital. solar assets
00:26:33transaction. now it outlines registration requirements, reporting
00:26:36standards, record book, record keeping
00:26:39obligations and how virtual assets should be valued for
00:26:43tax purposes. the revenue service says the guidelines are
00:26:47designed to bring greater clarity, consistency and
00:26:50transparency to tax administration as more Nigerians embrace
00:26:54digital assets. officials also believe the framework
00:26:58will encourage voluntary compliance with while strengthening confidence.
00:27:02in the country's evolving digital economy. now the move comes
00:27:06as the federal government pushes broader tax reforms aim that widening the
00:27:10tax net and boosting revenue generation. it also reflects Nigeria's
00:27:14shift towards a more structured regulatory approach to virtual assets, giving
00:27:18businesses and investors, greater certainty as the sector
00:27:21continues to grow. my next guest is a partner, tax reporting and
00:27:25strategy, prize water house coopers, Mr.
00:27:28Kennet. thank
00:27:40And it's, I think it's more of good news. Let me start, you let us know if it's good news
00:27:44as the tax authorities has released new guidelines on
00:27:48the taxation of virtual assets. Now, you are an expert in this and
00:27:52immediately I have to reach out to you to make us understand what this means. Now,
00:27:56what do these guardlines seek to achieve? Why is
00:27:59this an important development for Nigeriaus? digital
00:28:02economy right, thank you very much
00:28:06to, I think first of
00:28:09all um, there's a bit of background to all of
00:28:12this, there are reports that
00:28:16Nigeria, as a market
00:28:20has significant trade volumes in crypto
00:28:23assets, and some published reports
00:28:27indicates that transactions a year are in
00:28:31the region of 100 b billion dollars per
00:28:34annum and and that's significant and
00:28:38and I guess the question would be what is driving this
00:28:42sort of native adoption because when you look at those numbers
00:28:45Nigeria see you
00:28:47know is in one the top
00:28:5010 um countries in terms
00:28:53of um trading in crypto or digital
00:28:57assets and you know
00:29:01in my mind what has driven this sort of native
00:29:03adoption is because a certain point in
00:29:07time there was
00:29:10opportunity particularly in the area
00:29:14of foreign currency to get some
00:29:17arbitrage when you looked at
00:29:19the um official exchange rate
00:29:23compared to the um the parallel
00:29:26market um rate um and during that time
00:29:30there were lot of ' you know
00:29:34adoption, especially in the peer to peer
00:29:38segment the ecosystem, where people
00:29:42were taking advantage because they couldn't otherwise
00:29:45access foreign currency through the
00:29:49official market, so lot of emphasis was placed
00:29:52on crypto as a bypass the well
00:29:56established exchange control at the time,
00:30:00so you would have seen large trans transactions in terms of
00:30:03remittances as well as
00:30:06you know p2p transactions,
00:30:09but once people have adopted it, it has come to stay, and if you
00:30:13cast your mind back, when
00:30:17the current administration
00:30:20harmonized the um exchange
00:30:24rate, they identified
00:30:28and rightly so transactions in
00:30:32the... to space as one the areas um
00:30:35that regulation need needed to be strengthened um and
00:30:39subsequent to that um there was there was
00:30:43one very high profile crypto exchange that was in the
00:30:47news um that was being prosecuted for
00:30:51certain breaches in the market as well as you know
00:30:55much more recently um establishment of huge tax
00:30:59bill.