Securities regulator of Nigeria has set up a fintech team to research crypto

Syed AhadWeb Editor

03rd Sep, 2021. 08:50 pm

Due to the government limits, several of the crypto markets of Nigeria goes underground, the country’s securities regulator are trying to make investors safer.

In 2021, financial organizations working in Nigeria have been the pedal of a government restriction on cryptocurrencies, start with February’s infamous central bank prohibition on investors providing services to crypto exchanges in the country.

With several of the Nigerian crypto market of need peer-to-peer, Nigeria’s Securities and Exchange Commission (SEC) now purposes to present regulations that could legalize the business and offer investors healthier safety.

Nigeria’s SEC, which reflects that all crypto assets ”are securities, unless proven otherwise,” will only be capable to create a regulatory background if crypto is once more integrated into the country’s banking system.  The agency is also apparently seeing to operate with fintechs to support the national market for safeties to put off the capital flight, which remains to affect many sectors.

The Central Bank of Nigeria (CBN) is too joining with a Barbados-based fintech as a technical partner for its projected e-naira digital currency.

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