The Nigerian Securities and Exchange Commission (SEC) is set to launch a licensing process for issuers of virtual assets, including cryptocurrencies, amid growing adoption in the country, Bloomberg reported.
According to SEC Director-General Emomotimi Agama, the Abuja-based regulator plans to issue its first licenses for digital services and tokenized assets early this month.
Agama noted the growing interest in digital assets in Nigeria, saying the market was expanding rapidly. “The size of the market is huge and it is growing,” he said.
The move brings Nigeria into line with a growing number of countries implementing regulatory frameworks for crypto businesses. South Africa, the continent’s largest economy, recently implemented its own crypto licensing regime, while France introduced new rules earlier this month. The United Kingdom has been registering companies under anti-money laundering regulations since 2020, with more specific crypto guidelines expected soon.
In addition to licensing, Nigeria plans to introduce a bill by September that would tax cryptocurrencies. Meanwhile, the country has taken legal action against cryptocurrency exchange Binance, accusing the platform of tax evasion and money laundering. A Binance executive was arrested on money laundering charges as the investigation continues.
*This is not investment advice.
