The Securities and Exchange Commission (SEC) plans to grant licenses to providers of virtual assets, including cryptocurrencies, to capitalize on opportunities and protect investors as adoption increases in Nigeria.
In an interview with Bloomberg, SEC Executive Director Emotimi Agama said the commission aims to issue its first licenses for digital services and tokenized assets this month.
“Being a crypto enthusiast and fintech enthusiast, I can tell you without doubt that this is going to happen sooner than you think,” Agama said.
“We must support the youths of this country to be able to achieve the benefit that is accruable in fintech. The market size is huge and it is growing.”
Agama said the SEC wants to provide a platform where people can “do these things, and we are able to get all of the information that we need.”
In December 2023, the Central Bank of Nigeria (CBN) lifted the ban on cryptocurrency trading.
A few months later, the federal government took action against cryptocurrency exchange Binance for “regulatory breaches.”
In May, the SEC announced plans to delist the naira from all peer-to-peer (P2P) platforms, including Binance.
The commission said the decision was made to avoid a level of “manipulation” in the cryptocurrency sector. Agama said in June that Nigeria’s crypto market is valued at more than $400 million.
He said Nigeria’s crypto trading volume will reach $52.5 million in 2028, growing 12.66 percent between 2024 and 2028.
