Nigerian SEC requires crypto firms to register within 30 days
Date: 2024-06-28 Author: Henry Casey Categories: IN WORLD
Nigeria's Securities and Exchange Commission (SEC) has given cryptocurrency exchanges and traders 30 days to re-register to comply with new regulations or face possible sanctions.
The SEC said the rule changes cover the issuance of digital assets and the provision of custody and trading services. Virtual asset service providers (VASPs) must submit applications through the SEC ePortal before the deadline.
Nigeria's Cryptocurrency Landscape
Despite the restrictions of the Central Bank of Nigeria, cryptocurrencies are popular among the population. In 2023, the country rose to second place in the Chainalysis Cryptocurrency Adoption Index, despite long-term restrictions.
The SEC plans to launch a pilot program for tokenized bonds and deposits, noting the need to adapt to current market challenges.
In its latest circular, the SEC warned investors about the risks of digital assets, emphasizing the need for vigilance when investing.
These steps by the SEC are designed to strengthen control over the digital asset market in the country, responding to the challenges of the modern financial market.
