Nigeria’s SEC to Start Enforcement Actions Against Unregulated Crypto Firms
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Nigeria’s Securities and Exchange Commission (SEC) is preparing to take enforcement measures against crypto firms operating without regulation.
The move aims to crack down on firms that fail to comply with the country’s regulatory requirements, Emomotimi Agama, the SEC’s Director General, said in a recent interview with local media.
“We will begin enforcement actions against anyone operating in this market without the intention of being regulated,” Agama stated.
Although Nigeria has taken a cautious approach to cryptocurrencies, the SEC recently began issuing licenses to compliant crypto firms.
Last month, it granted licenses to cryptocurrency exchanges Quidax and Busha.
Furthermore, the SEC has announced that five other firms have been admitted to test their business models and technologies under the SEC’s Regulatory Incubation Program (RI).
These companies include Trovotech Ltd, Wrapped CBDC Ltd, HousingExchange.NG Ltd, Dream City Capital, and Blockvault Custodian Ltd.
The ARIP was established by the SEC to integrate firms that had already begun operations before the issuance of the Rules on Virtual Asset Service Providers in May 2022.
The RI Programme, according to the SEC, is designed to evaluate the business models of digital asset companies and to test innovative products, services, and technologies in a controlled market environment under SEC supervision.
However, the country has previously blocked some exchanges, despite reports of platforms like Coinbase remaining accessible.
In March, the SEC also introduced guidance
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