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Nigerian Govt Seeks To Push Crypto Adoption Via New Rules

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Last updated May 15, 2022

Nigerian Govt Seeks To Push Crypto Adoption Via New Rules The Nigerian securities regulatory body issued its official paper, to explain how it will categorize crypto assets & also to allow the companies to go with crypto businesses under virtual crypto asset services provider license.

Past few years showed that Nigerian govt agencies showed huge inclination toward the use case of blockchain technology because of its successful introduction of Central Bank Digital Currency (CBDC), or say e-Naira, in real life to use as an alternative efficient payment method to step with the modern payment system.

On 13 May, The Securities Exchange Commission of Nigeria published its guidelines for its ruling system on the issuance, exchange, and custody of cryptocurrencies in Nigeria.

Around 20 months ago, Nigeria announced its plan to propose a framework for the Crypto industry, on how it will categorize & regulate cryptocurrencies. After that long time, it comes to reality where the crypto community of Nigeria is taking pleasant breaths.

Under the existing laws and rules, no one local financial entity in Nigeria was allowed to enter the crypto-related business. But now under the proposed framework, businesses will be allowed to go under the crypto-related businesses with the requirement of regulatory approval. 

According to experts, this will open a window for the crypto & blockchain interested companies to enter the crypto world to provide compliance-based high-quality services. 

Past stances of Nigeria on crypto

History for the crypto industry was not better in Nigeria because of highly bitter stances by the Nigerian government agencies against crypto assets. 

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