Crypto firms are set to licenses from the Nigerian Securities and Exchange Commission (SEC) this month. The first set of licenses is expected to be issued to firms around digital services and tokenization. The country’s regulatory landscape is marred with rule uncertainty following an unending back and forth with crypto firms. 

Nigeria Set To Issue Crypto Firms Licences

The country known for its tough stance on several crypto firms might be making a new turn regarding wider market regulations. According to Bloomberg, the county’s financial regulator plans to give licenses to crypto companies following wider market adoption. Emomotimi Agama, the DG of the Abuja-based Commission cited the growth of fintech among young people. 

“Being a crypto enthusiast and fintech enthusiast, I can tell you without doubt that this is going to happen sooner than you think. We must support the youths of this country to be able to achieve the benefits that are accruable in fintech. The market size is huge and it is growing.”

Pointing to the increased growth in crypto adoption, he noted that the government wants to provide platforms where related functions can be carried out without impacting Nigeria’s economy and currency. While crypto firms continue to face hurdles in many jurisdictions, others have moved towards the sector to drive growth and onboard faster cross-border payments. The country also plans a law to tax digital assets among others further deepening the uncertainty in the space.

Nigeria’s Regulatory Debacle 

The country is popular for its widespread crypto adoption but government policies continue to stand against the desired growth. Industry reports place the country’s crypto use among global leaders with many tapping the sector for cross-border transactions, remittance, and a haven against inflation.

However, government policies remain hostile to crypto firms. This year, the office of the National Security Adviser (NSA) detained two Binance executives with other agencies slamming charges on the crypto exchange. The country recently seized $37 million worth of crypto assets allegedly used to sponsor the recent protest. 

The post Crypto Firms To Obtain Nigeria’s Regulatory Nod Amid Widespread Uncertainty appeared first on CoinGape.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed