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ARTICLE · 20 OCTOBER 2020

Regulation Of Cryptocurrency In Nigeria

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By virtue of Section 13 of the Investment and Securities Act, 2007 the SEC, is the apex regulatory organization for the Nigerian capital market, which is empowered to regulate investments and securities business in Nigeria.

NigeriaTechnology
Benedette Bassey
Benedette Bassey

By virtue of Section 13 of the Investment and Securities Act, 2007 The Securities and Exchange Commission (SEC), is the apex regulatory organization for the Nigerian capital market, which is empowered to regulate investments and securities business in Nigeria. In line with these powers, the SEC released a statement made on the 14th of September 2020 on Digital Assets and their classification and treatment. The statement entirely bothered on cryptocurrency regulation in Nigeria.

According to the Commission, it will be taking a three-pronged approach to regulate innovation in the crypto currency sector; these include safety, market deepening, and providing solutions to problems that will guide its regulations, strategy, and its interaction with innovators seeking legitimacy and relevance in this emerging industry.

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