Nigeria’s securities regulator vows to crack down on fraud, money laundering, and market manipulation in the crypto sector. Emomotimi Agama, the director general of the SEC, also promised strict enforcement against illegal crypto platforms.

Agama, whose agency has approved the first digital asset exchanges in Nigeria, emphasized the importance of educating investors to protect them from scams. The SEC director general’s remarks at the International Organization of Securities Commissions World Investor Week came months after he warned Nigerians against using unlicensed crypto exchanges.

“As financial products become more complex and technology-driven, from fintech innovations to cryptocurrency trading, it is critical and responsible for stakeholders to commit to equipping investors with the knowledge to navigate these markets confidently and responsibly,” Agama said.

Nigeria is one of the few African countries to introduce a regulatory framework for crypto entities. The SEC previously demonstrated its commitment to combating illegal crypto platforms when it amended the rules governing virtual asset service providers (VASPs) in June.

The amendments not only expanded the scope of regulation but also paved the way for the introduction of the Accelerated Regulatory Incubation Program (ARIP) for onboarding crypto entities.

Meanwhile, Lagos State Governor Babajide Sanwo-Olu is quoted in the report voicing support for the SEC and emphasizing the importance of regulating the crypto sector.

“While the potential of cryptocurrencies to democratise finance is significant, we must also be mindful of the risks they introduce, particularly in areas of regulation, security, and investor protection,” Sanwo-Olu said.

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