Nigeria establishes regulations to protect investors from scams in the digital asset space.
Regulatory Action in Nigeria to Address Crypto Challenges
The Nigerian Securities and Exchange Commission (SEC) has declared a strong stance against fraud, money laundering, and manipulation in the cryptocurrency sector. Director General Emomotimi Agama stressed the need for investor education to safeguard consumers against fraud in the ever-evolving crypto landscape.
Expanding Regulatory Measures
In June, the SEC introduced new rules for Virtual Asset Service Providers (VASPs). The changes include an Accelerated Regulatory Incubation Program to guide legitimate crypto firms.
Governor Sanwo-Olu Backs Regulation
Lagos Governor Babajide Sanwo-Olu echoed the importance of regulation in ensuring investor safety while promoting financial innovation. He urged for careful oversight in the expanding crypto sector.
Striking a Balance for Crypto Growth
Nigeria’s regulatory approach aims to protect investors while enabling growth in the crypto space, ensuring both safety and technological progress.
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