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.”
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