Nigeria to Introduce a Licensing Regime for Crypto Exchanges

Nigeria’s Securities and Exchange Commission (SEC) plans to license issuers of virtual assets, including cryptocurrencies.

The SEC aims to issue its first licenses for digital service and tokenized assets as early as this month, according to Director-General Emomotimi Agama. This move comes in response to the growing demand for crypto in Nigeria.

Following the lead of other nations, Nigeria is introducing a crypto licensing regime.

Nigeria also plans to introduce a bill by September that would enable it to tax crypto. Additionally, the country is suing crypto exchange Binance for tax evasion and money laundering, and is holding one of its executives in prison on money laundering charges.