Take Nigeria, for example. Chris Ani, founder of Cryptohub — a cryptocurrency trading education platform — believes that cryptocurrency exchanges in Nigeria can be regulated but that a regulatory approach may hurt the sector as the Nigerian cryptocurrency space is not yet mature for regulation. Along with South Africa, Nigeria residents made bitcoin-related searches on Google more than any other country in … One factor for its popularity is the CBN’s rigorous rules around FX fees. "Nigerian SEC and Cryptocurrency" regulation - See six ways Nigeria go control crypto-token or crypto-coin investments 16 September 2020 Wia dis foto come from, Chesnot Just to inform you, Cryptocurrency has grown popular in Nigeria from last few years. Nigeria may ease ban on Bitcoin following calls for regulation. Resolution Law Firm. In the month of December in 2020, the Cryptocurrency in Nigeria Just recently, the Vice President of Nigeria, Yemi Osinbajo became the most important voice in the government on the side of the crypto market. The Nigeria Securities and Exchange Commission (SEC) has released a proposed cryptocurrency regulation guideline while classifying crypto assets as securities.Crypto Regulations UnderwayAccording to an official release on Monday (September 14, 2020), the Nigeria SEC announced that the commission is looking at a three-pronged approach towards regulating the crypto industry. Vice President Yemi Osinbajo says there is need to develop a robust regulatory regime that is thoughtful and knowledge-based for cryptocurrency. Di president say im … Nigeria Cryptocurrency Regulation | Nigeria Cryptocurrency Exchange. Noting the increasing use of cryptocurrency in Nigeria, it is imperative that the Central Bank of Nigeria and the Securities and Exchange Commission establish regulations on the use of digital currency and clearly define what cryptocurrency is under the Nigeran financial regime. iNews. Nigeria is an interesting African country when it comes to cryptocurrency. Again, in March 2018, the CBN reiterated its stance on cryptocurrency warning traders that digital assets are a mere gamble. Bitcoin. Yemi Osinbajo, the Vice President of Nigeria has kicked against the prohibition of digital currency in Nigeria. Osinbajo calls for cryptocurrency regulation Vice President Yemi Osinbajo virtually delivered the keynote remarks at the CBN/ Bankers Committee's Initiative for Economic Growth, at the State House, Abuja. Cryptocurrency in Nigeria. By virtue of Section 13 of the Investment and Securities Act, 2007 the SEC, is the apex regulatory organization for the Nigerian capital market, which is empowered to regulate investments and securities business in Nigeria. To enter a discussion on the value of cryptocurrency, it is important to learn about related things like blockchain, smart contracts and ICOs. ... has advised the Central Bank of Nigeria (CBN) and the Security and Exchange Commission (SEC) to regulate cryptocurrency in Nigeria rather than prohibit its use. The country is a global leader when it comes to cryptocurrency adoption. Cryptocurrency: There is a place for regulation, not prohibition – Osinbajo. The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have agreed to collaborate and conduct research with a view to finding ways of regulating the Cryptocurrency market. Nigeria Vice President Yemi Osibanjo, say di Central Bank of Nigeria no need to ban cryptocurrency but instead make dem do "robust regulation." Cryptocurrency: There is a place for regulation, not prohibition – Osinbajo. Nigeria has issues guidelines for the regulation of bitcoin and other crypto assets. The CBN’s decision will have a number of repercussions on cryptocurrency trading in Nigeria and the economy as a whole, some of these issues are discussed below. However, no visible resolution has been made since the committee was inaugurated. High bitcoin and crypto ownership rates, rapidly … Regulation Of Cryptocurrency In Nigeria. Last year, the Nigerian Securities and Exchange Commission set up a committee to create a framework for the regulation of digital assets and local crypto exchanges in Nigeria. Nigeria is not even on the map for illicit transactions for cryptocurrency transactions, but you find the likes of the US, Russia, Germany, and Vietnam,” Ihenyen said in an interview. Cryptocurrency has revolutionised the global monetary system and slowly evolved into a viable legal tender. The Central Bank of Nigeria, CBN, have been advised that the better approach to deriving the benefits the cryptocurrency market in Nigeria offers is to regulate not a ban.