Nigeria’s Securities and Exchange Commission says it wants to regulate digital currency transactions. According to the commission, any person, natural or legal, whose activities involve any aspect of virtual digital asset services related to the blockchain must be registered by the Commission and as such will be subject to regulatory guidelines.
Digital asset products that existed before the implementation of the regulatory guidelines now have three months to comply with the new requirements. The country's authorities have in the past refused to accept digital currencies as legal tender as the Central Bank of Nigeria declared in 2018 that crypto money, such as Bitcoin and others, were not considered as money.
“Digital asset offerings provide alternative investment opportunities for the investing public; it is, therefore, essential to ensure that these offerings operate in a manner that is consistent with investor protection, the interest of the public, market integrity and transparency,” explains the Securities and Exchange Commission.
According to a report published on July 15, 2020, by Arcane Research, a firm specializing in studies on cryptocurrencies, 11% of the research of Internet users in Nigeria concerns digital currency. Platforms such as Coin Market Cap reveal that 46% of the active young people there are from Nigeria.
Idriss Linge
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...
As work on the first phase of the Ahmed Sékou Touré International Airport expansion continues, Guinean authorities have announced their intention to move...
• Loulo-Gounkoto mine remains shut as Mali’s administrator seeks to restart it by selling stored gold• Barrick halted operations in January over export...
Hive Coega has officially entered its construction phase, with tenders now out for its core infrastructure. This milestone comes four years after the...
Côte d’Ivoire, the world’s leading cocoa producer, has set an ambitious target: to process 100% of its cocoa crop at the first stage by 2030. While the...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...