The Nigeria Securities and Exchange Commission has revised its digital asset rules, incorporating requirements for the promotion and marketing of cryptocurrencies. These changes are set to take effect on June 30, 2025, and will significantly impact crypto entities and influencers.
Key Changes in the Rules
The new provisions will regulate all forms of crypto product advertisements, including social and traditional media. Virtual asset service providers are required to obtain SEC approval before advertising any crypto product.
Consequences for Finfluencers
The SEC mandates that celebrities and public figures with large social media followings disclose compensation received for promoting crypto products. Failure to comply may result in fines or imprisonment.
Regulation and Cryptocurrency Market Development in Nigeria
The new provisions signal Nigeria's desire to embrace the crypto industry. Authorities are allowing crypto companies to register in various capacities, including offering platforms, exchanges, and custodians.
These SEC rule changes demonstrate Nigeria's interest in regulating and developing the cryptocurrency sector, aiming for a safer and more sustainable industry growth.
