The Ministry of Finance and the Securities and Exchange Commission of Nigeria (SEC) are in talks to finalize the regulation of the blockchain and cryptocurrency industry for their development in the country.
This was announced by the adviser to the Ministry of Finance of Nigeria Armstrong Takang (Amstrong Takang) in his speech at an industry conference. He stated that the government of Nigeria is considering new opportunities for the development of the cryptocurrency industry, and clear regulations for its regulation will help to meet the interests of all stakeholders. Takang noted that the Ministry of Finance is also discussing this issue with other regulatory authorities in the country to make the necessary changes in the legislation.
In Nigeria, digital assets are considered exchange-traded commodities, with the SEC stating that its first priority is to regulate this asset class. The agency does not intend to hinder the introduction of innovations or to restrain them. On the contrary, the Commission is ready to promote the development of the blockchain and cryptocurrency industry, creating standards and ethical norms for the formation of a fair market.
The Central Bank of Nigeria has not yet expressed its opinion on this issue. Earlier, the regulator was negative about cryptocurrencies and stated that they cannot be used as a legal means of payment. Despite this, the popularity of bitcoin in Nigeria is growing.
Recall that the authorities of Peru also began to study the activities of cryptocurrency firms in order to create clear regulatory requirements for the control of the cryptocurrency industry.