Nigeria plans new measures to regulate crypto platforms
Nigeria
,
08 May 2024
The Nigerian Securities and Exchange Commission (SEC) has revealed measures to crack down on crypto activities in the country, including delisting the naira from all peer-to-peer (P2P) platforms, in order to reduce manipulation of the local currency's value in the forex market.
Emomotimi Agama, the SEC's director general, announced the move at an interactive session with the Nigerian Blockchain Industry, noting that the move is expected to be part of a series of laws that will be implemented in days to come.
The Blockchain Industry Coordinating Committee collaborated with the SEC to organise an interactive session titled "Pertinent Issues and Chart of a Progressive Course for Crypto Regulation in Nigeria".
According to Agama, this is one of the steps that must be taken to save the cryptocurrency space.
"Delisting the naira from P2P networks will help prevent the level of manipulation that is now occurring. I want your help in dealing with this as we roll out regulations in the coming days," he said.
During the session, Agama informed the ecosystem's stakeholders that the commission is ready to work with everyone.
He stated that the commission is amending its standards with the goal of assuring optimal practices.
The SEC director general lamented how some market players were manipulating the value of the naira, which is why the agency is "seeking collaboration and help in ensuring that the crypto environment is respected globally."
Agama's remark follows a recent instruction from the Central Bank of Nigeria to fintechs, which required them to advise their customers against engaging in cryptocurrency transactions.
The Nigerian government has not offered detailed specifics regarding how the delisting procedure will be carried out or what alternative methods will be implemented for cryptocurrency activity. However, the following days may see the birth of cryptocurrency regulation in Nigeria.