Nigeria’s securities regulator establishes fintech unit to study crypto By Cointelegraph

Nigeria’s securities regulator establishes fintech unit to study 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 Exchange Commission (SEC) now goals to introduce rules that might regularize the business and supply traders higher safety.

According to 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-General Lamido Yuguda informed Reuters this week that the company is “ this market carefully to see how we will carry out rules that can assist traders defend their funding in blockchain.”