- SEC Measures Against Unregulated Exchanges
- Accelerated Regulatory Program
- Approval of Exchanges and Youth Support
Nigeria's SEC has announced plans to take action against crypto exchanges and investors who do not comply with its regulatory requirements.
SEC Measures Against Unregulated Exchanges
Nigeria's SEC plans to take action against crypto exchanges and investors who do not comply with its regulatory requirements. According to local media Nairametrics, SEC Director-General Dr. Emomotimi Agama emphasized that the commission is determined to protect investors. In particular, in July, Nigeria's SEC mandated that virtual asset service providers (VASPs) be incorporated and maintain an office in Nigeria to qualify for the Accelerated Regulatory Incubation Program (ARIP). This also applies to crypto exchanges operating outside its regulatory framework.
Accelerated Regulatory Program
The Accelerated Regulatory Incubation Program (ARIP) is designed to onboard virtual asset service providers (VASPs) into Nigeria's regulatory system. Inclusion ensures that the operations of cryptocurrency exchanges are regulated to prevent negative impacts on the economy and protect citizens from misinformation and fraud.
Approval of Exchanges and Youth Support
On August 29, Nigeria's SEC approved two crypto exchanges, Quidax and Busha, under the Accelerated Regulatory Incubation Program (ARIP). The SEC also admitted four companies to test technology under its Regulatory Incubation Program. According to Dr. Agama, the approval of these cryptocurrency exchanges is driven by the growing interest of Nigerian youth in digital assets. Key elements of the SEC's approach to regulating the crypto industry include full disclosure, anti-money laundering (AML) measures, and combating the financing of terrorism (CFT).
Nigeria's SEC is taking active steps to regulate the cryptocurrency market to protect investors and foster innovation among young Nigerians.
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