Nigeria’s SEC establish fintech unit to formulate crypto regulation

TL;DR Breakdown Nigeria’s SEC set to regulate crypto industry in the country.SEC says its move is to protect crypto investors in Nigeria.Inflation, bad economy continues to push Nigerian to adopt crypto. Nigeria’s SEC (Security and Exchange Commission), towards formulating regulations for the country’s crypto industry has established a fintech unit for that purpose. The unit would conduct in-depth research on crypto investment and products towards regulating the digital asset industry. All these are aimed at protecting investors and potential investors coming into the space. “We are looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain,” Lamido Yuguda, the SEC director-general, said. He noted that crypto assets in Nigeria are viewed as securities until there’s enough evidence they are not. Yuguda added that the SEC would consider regulation once they integrate cryptos into the Nigerian banking system. Nigeria’s SEC and crypto regulation Cryptocurrencies have been widely adopted in the West African country especially among its teeming youthful population prompting the government’s consciousness to act. Nigeria’s SEC revealed its intention of regulating the crypto space in the country years back, even before the country’s Central Bank banned banks and other financial institutions from providing ...