Report: Nigerian Securities and Exchange Commission Sets Up Fintech Division for Crypto Research

Report: Nigerian Securities and Exchange Commission Sets Up Fintech Division for Crypto Research


Nigeria’s securities regulator, the Nigerian Securities and Exchange Commission (SEC) has set up a fintech division “to study crypto investments.” This was revealed by Lamido Yuguda, the director-general of the SEC during an interview.

Protecting Crypto Investors

In the interview, Yuguda explains that the study’s findings will help inform the SEC of the best ways to regulate cryptocurrency should the Central Bank of Nigeria (CBN)’s February 6 directive be lifted. However, the director-general did not provide a time frame for issuing regulations or state when he expects the CBN directive to be lifted.

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Meanwhile, in the same interview, Yuguda explains why his organization is eager to come up with crypto regulations. He explained:

We are looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain.

As previously reported by Bitcoin.com News, Nigeria continues to be an ideal hunting ground for crypto scammers. Many unsuspecting investors continue to

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