Nigeria’s Securities and Exchange Commission (SEC) is set to introduce licences for providers of virtual assets, including cryptocurrencies, as part of its efforts to safeguard investors amidst the rising adoption of digital currencies in the country.
In an interview with Bloomberg on Tuesday, SEC Director-General Emomotimi Agama disclosed that the first set of licences for digital services and tokenised assets could be issued as early as this month.
“Being a crypto and fintech enthusiast, I can tell you this is going to happen sooner than expected. We must support the youth of this country in harnessing the benefits that fintech offers. The market is vast and continues to grow,” Agama said.
Agama further explained that this regulatory initiative positions Nigeria alongside other global markets such as the European Union, South Africa, and Botswana, which have already implemented measures to regulate digital assets.
Addressing the Central Bank of Nigeria’s (CBN) ban on banks facilitating cryptocurrency transactions, Agama noted that the ban stemmed from concerns over exchange rate manipulation and the naira’s depreciation.
He emphasised that the SEC’s decision to introduce licences reflects the need for a structured and transparent environment where digital transactions can be safely conducted.
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