The Nigerian Securities and Exchange Commission (SEC) has announced new regulations to govern the activities of crypto influencers in the country.
New Regulations for Crypto Influencers
According to the new regulations, all crypto platforms must obtain a license from the SEC before conducting any promotional activities via TV, radio, social media, and other print media.
Duties of Influencers
Crypto influencers are required to disclose any financial benefits they receive for promoting a platform or asset. Failure to comply could result in a fine of 10 million naira or imprisonment for up to three years.
Industry Experts' Reactions
Experts have welcomed the new regulations, anticipating increased transparency and integrity in the industry. Analyst Rume Ophi believes the new laws will help prevent questionable projects.
The SEC's new laws are viewed as a necessary step to eliminate exploitative practices within the Nigerian crypto industry.
