Nigeria SEC Values
Local Crypto
Industry at $400 Million
Nigeria SEC Values Local Crypto Industry at $400 Million
Last week, the SEC gave crypto exchanges and digital asset traders 30 days to
re-register their businesses, or risk enforcement actions.
By Chidirim Ndeche
Jun 28, 2024 Jun 28, 2024
2 min read
Nigeria. Image: Shutterstock.
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Nigeria’s Securities and Exchange Commission (SEC) has valued the country’s
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта industry at $400 million.
In a press conference Friday, SEC chief Emomotimi Agama predicted an increase
in crypto trade volume in the next few years despite the country’s recent
clampdown on exchanges.
“The country’s crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта is estimated to be worth over $400 million, with
a significant portion of the population involved in cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта trading and
transactions,” Agama said.
Nigeria has a thriving cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта landscape, ranking 11th on the 2022
Global Crypto Adoption Index from crypto analytics firm Chainalysis.
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The country jumped to second place on the index in 2023 , despite an ongoing
clampdown that saw the Central Bank of Nigeria prohibit banks in the country
from facilitating crypto trading.
Per Agama, at least 33.4% of the country’s population own or use
cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.
Crypto regulations in Nigeria
Nigerian authorities have struggled to implement a definite crypto regulatory
framework to guide operators, especially after having accused cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
exchanges of facilitating illicit transactions and forex manipulation.
Agama insisted that the absence of proper regulation is hurting the country’s
economy and is making operators and traders vulnerable to cyber threats.
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“The lack of a comprehensive regulatory framework has created uncertainty,
which can deter both investors and innovators,” he said.
“Cybersecurity threats, including hacking and fraud, pose significant risks. A
substantial portion of the population lacks adequate financial literacy,
making them vulnerable to scams and risky investments.”
Last week, Agama’s SEC gave cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта exchanges and digital asset traders
30 days to re-register their businesses—or risk facing enforcement actions.
The SEC said the new registration is aimed at amending its rules on digital
assets issuance, offering platforms, exchanges, and custody in regards to
virtual asset service providers (VASPs).
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