Nigeria SEC Targets Unregulated Crypto Exchanges, Prioritizes Investor Safety
Nigris Scuritis nd Exchng Commission (SEC) is intnsifying its efforts to rgult th cryptocurrncy mrkt. Dirctor-Gnrl Emomotimi Agm nnouncd strict ctions ginst individuls nd compnis running crypto xchngs without following SEC guidlins. This nnouncmnt follows th rcnt pprovl-in-principl of two complint xchngs, Quidx nd Bush.
Dr. Agm ritrtd th SECs ddiction to invstor protction, spcilly thos xploring digitl ssts. H strssd th nd for solid rgultory frmwork tht promots innovtion whil nsuring prticipnt sfty. Full trnsprncy, strong nti-mony lundring (AML) policis, nd msurs to countr trrorist finncing r criticl to th SECs suprvision of th digitl sst sctor.
Th ris in pplictions for crypto xchng licnss highlights th incrsing intrst in digitl ssts mong young Nigrins. Howvr, Dr. Agm md it clr tht only xchngs mting th SECs tough rgultory rquirmnts will b pprovd. Th numbr of rgistrd xchngs will ultimtly rflct this commitmnt to stringnt complinc.
Th SEC ims to protct citizns from misinformtion nd frud in th digitl mrkt. To chiv this, thy closly monitor crypto xchngs to prvnt ny hrm to th Nigrin conomy.
Crypto Regulation in Nigeria: A Balancing Act
Th SECs pproch blncs fostring innovtion with mintining wll-rgultd mrkt. W r crtinly going to commnc nforcmnt ctions on nyon who wnts to oprt in this mrkt without th intntion of bing rgultd, sttd Dr. Agm. H ddd tht thir fforts im to ncourg innovtion, mphsizing tht mrkt dvlopmnt rmins on of th SECs cor rsponsibilitis.
Th SECs rcnt ction mrks mor orgnizd pproch to mnging Nigris rpidly growing crypto mrkt, which hs xprincd rgultory inconsistncis in th pst. Erly in 2021, th Cntrl Bnk of Nigri (CBN) nforcd comprhnsiv bn on digital currency trnsctions, prohibiting finncil institutions from dling with crypto xchngs.
Although th SEC introducd rgultory frmwork for ths xchngs in 2022, th CBN only liftd th trnsction bn in lt 2023. Nw rgultions, implmntd in My 2024, now rstrict pr-to-pr crypto xchngs using th Nigrin Nir.
In ddition, globl xchngs such s Binnc hv fcd incrsd scrutiny from Nigrin rgultors. Binnc nnouncd its dprtur from Nigri in Mrch 2024, yt its hd of finncil crim complinc, Tigrn Gmbryn, rmins in dtntion by locl uthoritis, with bil dcision pnding in Octobr.
Th SECs intnsifid focus on unrgultd crypto xchngs rprsnts significnt shift for Nigris digitl sst sctor. This mov undrscors commitmnt to protcting invstors nd nurturing rsponsibl, innovtiv crypto mrkt.
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Read more: https://www.tronweekly.com/nigeria-cracksdown-unregulated-crypto-exchanges/
Text source: TronWeekly
