Securities-and-Exchange-Commission

Nigeria’s financial regulator will regulate cryptocurrencies

The Nigeria Securities and Exchange Commission (SEC) has created a special unit that will focus on researching digital assets and developing a regulatory framework for their regulation. Reuters writes about this.

«We are interested in creating rules that will help investors protect their investments in cryptocurrencies» , said the head of the Commission Lamido Yuguda.

According to the official, they will receive the status of the law after the approval of cryptocurrencies by the country’s central bank. Yuguda did not name a specific timeframe, adding that the SEC is in dialogue with the monetary regulator. The central bank later clarified that the restrictions do not apply to individuals.

In August, The Guardian announced the growing popularity of cryptocurrencies in Nigeria, despite prohibitive measures by the authorities.

The central bank of Nigeria previously announced the launch of a digital naira pilot.