Nigeria SEC Issues 30-Day Ultimatum for Crypto Firms to Re-Register, Valuing Industry at $400 Million

Jun 28, 2024, 01:09 PM

Nigeria's Securities and Exchange Commission (SEC) has issued a 30-day deadline for cryptocurrency companies operating in the country to re-register their businesses under a new regulatory regime. The SEC values the local cryptocurrency industry at $400 million. This move is seen as an effort to regulate the rapidly growing sector and extend financial services to the 38 million unbanked adults in Nigeria. Approximately 33.4% of Nigerians currently own or use cryptocurrencies, highlighting the significant penetration of digital assets in the country. The SEC boss emphasized the potential of crypto to aid the unbanked.