The Nigerian Securities and Exchange Commission (SEC) plans to license virtual asset providers, including cryptocurrency firms, to regulate the expanding digital market. SEC Director-General Emomotimi Agama announced that the first licenses for digital services and tokenized assets will be issued this month. This follows the Central Bank of Nigeria’s decision to lift the ban on cryptocurrency transactions.
With Nigeria’s cryptocurrency market valued at over $400 million, the introduction of regulations is expected to protect investors and encourage market growth. The move aligns with global trends of regulating digital assets to ensure transparency and security.
Projections suggest that by 2028, Nigeria’s crypto transactions could increase by 12.66 percent. By licensing cryptocurrency providers, the SEC aims to establish a safer environment, further positioning Nigeria as a leader in the global digital economy