Nigeria’s Securities and Exchange Commission is getting ready to introduce licenses to companies offering virtual assets, including cryptocurrencies
as part of its plan to protect investors in the face of the nation’s increasing acceptance of digital currencies.
The SEC Director-General Emomotimi Agama stated this In an interview with Bloomberg on Tuesday, adding that this month could see the issuance of the first set of licenses for tokenized assets and digital services.
“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,” he revealed.
He further said that this regulatory initiative puts Nigeria in line with other international markets that have previously taken action to regulate the digital asset class, including the European Union, South Africa, and Botswana, according to Bloomberg.
Agama emphasized the necessity of a digital environment and clarified that worries about exchange rate manipulation and the depreciation of the naira were the reasons behind the Central Bank of Nigeria’s ban cryptocurrency transactions.
He notec that the SEC’s ruling underlined the necessity of an organized setting where transparent digital transactions can be carried out.
Recall AmBusiness reported that last year that the Nigerian Central Bank has reversed its position on cryptocurrency assets within the nation and requested that banks disregard its previous ban on cryptocurrency transactions.
