Nigerian SEC warns cryptocurrency license applicants: Those who do not meet registration requirements will be rejected

2025-01-09 19:05:21

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ChainCatcher news, according to Bitcoin.com, Emotimi Agama, the Director General of the Nigerian Securities and Exchange Commission (SEC), warned that some applicants for virtual asset service provider (VASP) licenses will be rejected for failing to meet regulatory requirements. The SEC issued crypto licenses to Busha Digital and Quidax Technologies for the first time in August 2024 through the Accelerated Regulatory Incubation Program (ARIP).

Agama stated that the VASP registration process involves not only onboarding but also monitoring, education, and oversight. The SEC will continue to accept feedback from stakeholders and may amend rules based on reasonable suggestions. Although Nigeria is one of the largest crypto markets globally, the country has yet to establish dedicated cryptocurrency laws and regulations. Following adjustments in the leadership of the SEC and the central bank under the Tinubu government, the SEC has begun to take the lead in crypto regulation.

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