Nigeria’s Securities and Exchange Commission (SEC) will begin issuing licenses for cryptocurrency exchanges as part of a regulatory overhaul aimed at strengthening the digital asset framework.
The SEC updated its rules in June to improve oversight and create a more robust environment for digital assets.
SEC Director-General Emomotimi Agama confirmed that licensing will be implemented soon, emphasizing the need to support the country’s youth in fintech. Nigeria has emerged as a leading crypto economy, with the Central Bank lifting a two-year ban on cryptocurrency transactions last December due to growing global demand.
Last year, Nigeria was the second-largest market for crypto adoption and the top country for crypto-related Google searches. However, regulatory issues have impacted exchanges like OKX, which halted Naira withdrawals, and Binance, which faced accusations of currency manipulation.
The SEC aims to establish a clear framework for cryptocurrency operations while ensuring transparency and preventing misuse for currency manipulation.
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