Nigeria's crypto market has reached a significant volume of $59 billion, displaying over 20% growth. New regulatory measures have boosted investor confidence.
Growth of Nigeria's Crypto Market
According to a report from Cointelegraph, Nigeria's crypto market experienced tremendous growth, with $59 billion worth of crypto transactions between July 2023 and June 2024. The KPMG report indicates an increase in crypto inflows.
New Regulations Boost Confidence
The year 2024 saw continued growth, driven by new regulations recognizing digital assets as securities. This leads to increased transparency and oversight by the Securities and Exchange Commission (SEC), which may drive further crypto adoption.
Impact on the Future of the Crypto Market
New laws signed by President Bola Tinubu include the Investments and Securities Act 2024, which replaced the 2007 Act. This move requires registration for Digital Asset Operations (DAOPs) and Virtual Asset Service Providers (VASPs) with the SEC, fostering transparency and reducing fraud. SEC Director-General Emomotimi Agama described the law as a critical step to encourage investments in digital assets.
Regulatory clarity and economic changes are driving the expansion of Nigeria's crypto market, signaling broader adoption and increased market stability.
