- Nigerian SEC to Intensify Regulation
- Quidax and Busha Get SEC Approval
- Projections for Nigeria's Crypto Market
The Nigerian Securities and Exchange Commission (SEC) has announced plans to initiate enforcement actions against cryptocurrency exchanges and any related entities that are not under its supervision.
Nigerian SEC to Intensify Regulation
The SEC's Chief Executive Officer, Emomotimi Agama, stated that the commission would do everything possible to protect investors by ensuring 'adequate' compliance with established rules by market operators. According to Nairametrics, while the SEC appreciates technology, innovation, and the growth of the crypto market, it is equally committed to ensuring that the regulations are stringent enough to prevent all forms of non-compliance.
Quidax and Busha Get SEC Approval
In perhaps the most significant step towards regulating the crypto space in Nigeria, the country's SEC granted 'in-principle approval' to two cryptocurrency exchanges, Quidax and Busha, this year. This makes them the first platforms in the country to receive such formal recognition from the SEC, marking an important milestone in Nigeria's approach to regulating digital currencies.
Projections for Nigeria's Crypto Market
Nigeria aims to significantly strengthen anti-money laundering and combating the financing of terrorism measures in light of projections that the country's crypto market will be valued at USD 52.5 million by 2028. The new regulatory approach is intended to ensure market integrity and investor protection.
Intensifying the regulation of cryptocurrency exchanges in Nigeria aims to ensure investor protection and market integrity. These measures are expected to positively impact the development of the country's crypto market.
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