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Nigeria’s SEC Establishes Specialist Division to Study Crypto Investments
The country’s markets regulator will oversee crypto once banks are allowed to handle it.
Nigeria’s Securities and Exchange Commission (SEC) has established a specialist fintech division to study crypto investments and plot a course for regulation of cryptocurrency.
- The markets regulator will step in with regulations once crypto is allowed within Nigeria’s banking system, SEC Director General Lamido Yuguda said Thursday, according to a Reuters report.
- “We are looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain,” Yuguda said.
- The SEC has sought to regulate crypto assets by classifying them as securities.
- In February, Nigeria’s central bank ordered all banks to close any accounts dealing in cryptocurrency. But that hasn’t stopped crypto from thriving in Africa’s most populous country with investors turning to peer-to-peer trading or direct payments.
Read more: How Crypto Can Help Nigeria’s Economy
STORY CONTINUES BELOW
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
