Nigeria Orders Crypto Firms to Re-register Within 30 Days

In Summary

  • Nigeria mandates cryptocurrency firms to re-register within 30 days under new regulations, the SEC announced on June 27, 2024
  • The directive aims to tighten oversight of Nigeria’s growing crypto industry, though specific requirements are yet to be disclosed
  • This move follows global scrutiny of the crypto market, addressing money laundering and consumer protection as Nigeria emerges as a major African crypto hub


LAGOS, Nigeria, June, Thursday 27, 2024 – Nigerian authorities have issued a 30-day deadline for cryptocurrency companies operating in the country to re-register under a new regulatory regime.1

The Securities and Exchange Commission (SEC) announced the directive on Thursday, aiming to bring greater oversight to the growing cryptocurrency industry in Nigeria.

Details regarding the specific requirements for re-registration were not immediately available. However, the move signifies Nigeria’s intent to regulate the crypto space and potentially establish licensing procedures for crypto businesses.

This directive comes amidst increasing global scrutiny of the cryptocurrency market. Regulatory bodies worldwide are grappling with how to best oversee this dynamic and often decentralized financial system.

Nigeria has emerged as a major hub for cryptocurrency adoption in Africa. However, concerns about money laundering and consumer protection have prompted the government to take action and implement a regulatory framework.

Sources
  1. cryptoslate: https://cryptoslate.com/nigeria-issues-30-day-deadline-for-crypto-firms-to-re-register-under-new-regime/[↩]
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