Nigeria SEC Moves Closer to New Digital Asset Rules After Losing Africa’s Largest Crypto Market Status
By Aboki Forex —
Nigeria will soon release a new digital asset rulebook. The Securities and Exchange Commission (SEC) says it is close to finalising the rules, after Nigeria lost its status as Africa’s largest crypto economy.
The regulator wants a market open to innovation and closed to fraud. It warned that illegal operators could face jail.
SEC finalising rules
The SEC says the new set of rules for digital assets is meant to deepen the market. The rules are expected to give clearer oversight to crypto activity in Nigeria.
Fraud warning
The SEC warned that operators who break the rules could face jail. The regulator is trying to balance innovation with protection against fraud.
What it means for crypto businesses
Crypto firms, exchanges and other digital asset operators will need to watch for the final SEC rulebook. The rules could shape how they operate in Nigeria and how users are protected.
By Femi Asu
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