LAGOS, Nigeria, Friday, August 23, 2024- Nigeria’s Securities and Exchange Commission (SEC) is taking steps to regulate the burgeoning cryptocurrency market, announcing plans to license issuers of digital assets and introduce crypto taxation.
The move comes as crypto adoption surges in the West African nation. Director-General Emomotimi Agama of the SEC told Bloomberg the agency aims to issue its first licenses for digital service providers and tokenized assets “as early as this month.”
This follows a global trend of nations establishing frameworks for cryptocurrencies.
South Africa, the continent’s largest economy, recently implemented a licensing regime, while France enacted similar regulations earlier in August. The UK has been registering companies under anti-money laundering rules since 2020, awaiting more specific crypto regulations.
Nigeria’s plan also includes a crypto tax bill expected in September.
This comes amidst ongoing legal action against cryptocurrency exchange Binance.
The SEC accuses Binance of tax evasion and money laundering, with one of its executives detained on money laundering charges.
Source: https://finance.yahoo.com/news/nigeria-plans-introduce-crypto-licensing-150451876.html
