who regulates cryptocurrency
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1,111,111 TRP = 11,111 USD
1,111,111 TRP = 11,111 USD
1,111,111 TRP = 11,111 USD
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Regulators of Cryptocurrency in Nigeria
Securities and Exchange Commission (SEC Nigeria):
The primary regulator, classifying cryptocurrencies as “securities” since 2020. Oversees token offerings, exchanges, and investor protection.
Central Bank of Nigeria (CBN):
Banned banks from facilitating crypto transactions in 2021 (though not a ban on crypto itself). Focuses on financial stability risks.
Financial Action Task Force (FATF):
Nigeria, as a member, adheres to global anti-money laundering (AML) standards for crypto assets.
Blockchain Industry Coordinating Committee (BICC):
A multi-stakeholder group (SEC, CBN, NDIC) proposing unified crypto policies.
Nigerian Stock Exchange (NSE):
Explores integrating crypto-backed financial products under SEC guidelines.
Global Influencers
Binance, Coinbase, etc.: While not regulators, global exchanges comply with local laws, affecting Nigerian users.
Key Focus Areas
AML/CFT: Compliance with FATF’s “Travel Rule.”
Investor Protection: SEC mandates licensing for crypto firms.
Innovation Balance: Nigeria seeks to foster blockchain growth while mitigating risks like fraud (e.g., 2022 Paxful crackdown).