Abuja, Tuesday, September 10, 2024-Nigeria’s Securities and Exchange Commission (SEC) plans to take enforcement actions against businesses and individuals engaged in unregulated cryptocurrency transactions, Nigerian SEC Director-General Emomotimi Agama announced yesterday (September 9).
He emphasized the need for regulatory oversight in the growing crypto market, stating that firms operating without proper regulation will face penalties.
The SEC’s announcement follows the recent issuance of provisional operating licenses to two local crypto exchanges, Busha Digital and Quidax Technologies, in August.
These are the only exchanges currently supervised by the SEC, despite Nigeria being one of the largest crypto markets in the world.
Agama also noted that the approval of these exchanges was driven by young Nigerians’ increasing interest in digital assets. He stressed the need for a clear regulatory framework to protect investors and foster innovation.
Nigeria’s crypto regulation has been inconsistent, with the Central Bank of Nigeria placing a blanket ban on crypto transactions in 2021, followed by a regulatory framework introduced by the SEC in 2022. Despite the lifting of the crypto ban in 2023, new restrictions on peer-to-peer exchanges using the national currency were imposed in May 2024.
