Nigeria’s securities regulator establishes fintech unit to study crypto By Cointelegraph


Nigeria’s securities regulator establishes fintech unit to check crypto

In 2021, monetary establishments working in Nigeria have been the topic of a authorities crackdown on cryptocurrencies, starting with February’s infamous ban on lenders that present companies to crypto exchanges by its central financial institution. With a lot of the Nigerian crypto market peer-to-peer by necessity, Nigeria’s Securities and Change Fee (SEC) now goals to introduce rules that might regularize the trade and provide buyers higher safety.

In accordance with a Sept. 2 report, the SEC has established a devoted fintech division tasked with finding out crypto and blockchain investments and merchandise — information it might then marshal right into a future crypto regulatory framework. Director-Normal Lamido Yuguda advised Reuters this week that the company is “taking a look at this market carefully to see how we will deliver out rules that may assist buyers shield their funding in blockchain.”