Nigeria has announced a significant step in supporting stablecoins at the recent summit in Lagos, marking an important shift in the approach to crypto asset regulation.
New Support for Stablecoins in Nigeria
At the summit in Lagos, Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), announced the country’s commitment to creating a regulated ecosystem for stablecoins. He noted that new rules would allow digital assets to flourish while ensuring investor protection.
Changes in Crypto Asset Regulation
Agama emphasized the need to develop local rules for regulating digital assets, taking into account Nigeria's demographics and economic realities. A key step in this direction is the upcoming Investment and Securities Act 2025, which will provide a clear legal basis for regulating stablecoins.
Impact on Economy and Financial Sector
According to Agama, the innovations are aimed at addressing local challenges and will contribute to the development of the financial sector in Nigeria. The adoption of stablecoins is expected to enhance investor trust and open new opportunities for economic growth.
Nigeria's endorsement of stablecoins reflects global trends in digital asset regulation and marks a new phase in the country's financial system development.
