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ARTICLE · 05 SEPTEMBER 2024

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Operating a Crypto Trading Company in Nigeria: Regulatory Requirements

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The Nigeria Securities and Exchange Commission ("SEC") by a press release issued on August 29 2024, announced that it has granted two Digital Asset Exchanges its "Approval and Principle"...

NigeriaTechnology
Seun Timi-Koleolu
Seun Timi-Koleolu
Hillary Okorotie
Hillary Okorotie

Introduction

The Nigeria Securities and Exchange Commission ("SEC") by a press release issued on August 29 2024, announced that it has granted two Digital Asset Exchanges its "Approval and Principle" under the Accelerated Regulatory Incubation Program ("ARIP"). The framework for ARIP was introduced by SEC in June 2024(see our previous newsletter https://pavestoneslegal.com/insights-into-the-sec-accelerated-regulatory-incubation-program-framework/ for details) for the purpose of onboarding virtual asset Exchange companies.

With this new update there is more clarity on the regulatory requirements for Companies wishing to provide crypto trading services in Nigeria. In view of the forgoing we have set out guidelines for companies wishing to provide crypto trading services in Nigeria.

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