Nigeria’s SEC Tightens Crypto Regulations Amid Market Growth
Nigeria's Securities and Exchange Commission (SEC) has introduced stricter capital requirements for cryptocurrency firms, setting a compliance deadline of June 30, 2027. The MOVE aims to enhance investor protection and align with global standards, but may force smaller operators to merge or exit the market entirely.
The regulatory overhaul reflects the rapid growth of digital asset platforms in Africa's largest economy. By mandating higher capital reserves, the SEC seeks to reduce systemic risks in a market where operator failures could have cascading effects on users.
Industry veterans like Demola Aladekomo of CHAMS Plc have endorsed the measures as necessary for Nigeria's evolving crypto ecosystem. 'The business of crypto is global,' Aladekomo noted, emphasizing the importance of robust governance structures in an industry prone to volatility and cross-border challenges.
