The Nigeria Securities and Exchange Commission (SEC) has issued a 30-day ultimatum to crypto currency exchanges and digital asset traders to re-register their businesses or face enforcement action.
This directive is part of the country’s efforts to regulate the rapidly growing digital asset market.
According to a statement on the SEC’s website, all operating and potential Virtual Asset Service Providers (VASPs) must complete an application process on the SEC’s electronic portal website within 30 days from the date of the notice. SEC Nigeria Crypto
The goal of this new registration process is to modify the commission’s rules regarding the issuance of digital assets, platform provision, exchanges, and custody of VASPs.
Read Also: Ethiopia Takes its First Steps Towards Establishing a legal Framework for Introducing CBDC!
The SEC aims to bring more transparency and accountability to the digital asset trading sector in Nigeria through this move. The directive is seen as a significant step towards regulating the cryptocurrency market in the country, which has been growing rapidly in recent years.
The commission’s decision is part of its efforts to ensure compliance with financial regulations and maintain a stable and secure financial environment.
The re-registration process is expected to help the SEC track and monitor digital asset transactions more effectively, reduce the risk of fraud and other illegal activities, and protect investors.
Cryptocurrency exchanges and digital asset traders are advised to visit the SEC’s website and complete the application process within the given timeframe to avoid facing enforcement action.
This move is expected to have a significant impact on the Nigerian digital asset market, bringing more transparency and accountability to the sector. SEC Nigeria Crypto
