Nigeria’s Securities and Exchange Commission (SEC) on Monday announced that it would begin to regulate digital currencies and crypto-based companies.
The Nigerian government had in the past described digital currencies as illegal and warned its citizens against it. The crypto-coin investment environment in Nigeria has, thus, been devoid of extant regulation, despite a surge in peoples’ interest in the digital offerings.
In a statement, SEC said the general objective of regulation is not to hinder technology or stifle innovation but to create standards that encourage ethical practices that ultimately make for a fair and efficient market.
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