Nigeria’s cryptocurrency regulations are currently being updated.
The Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on the newly inaugurated Securities and Exchange Commission (SEC) board to address the complexities of cryptocurrency regulation.
According to local media, Edun emphasized the need to ensure stringent oversight, especially in fast-moving and complex areas such as cryptocurrencies, to maintain market integrity in Nigeria’s capital market during the board’s inauguration in Abuja.
Edun warned that companies might exploit minimal registration requirements to falsely claim they are licensed, undermining market integrity. Highlighting the potential for regulatory arbitrage, he urged the SEC to implement top-notch corporate governance practices, swiftly identify and disclose conflicts and adhere to global best practices.
