Nigerian regulators establishes fintech unit to study crypto

Nigeria’s SEC unit is currently planning to deep study on the crypto and blockchain based products and probably they will develop their regulatory framework on the basis of this research and study.

Since the beginning of the February month of this year, Nigerian financial instruments have been prohibited to provide their banking services for the Crypto Companies, as a part of ban on crypto services. In this present situation, Nigerians are relying on P2P mode. Right now, the regulators are planning to get better study and research in Fintech and crypto.

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According to a report on 2 September, The Securities and Exchange Commission of Nigeria established a Fintech unit. This Fintech unit will help them to do better study and research on the product and services which are available in the crypto market. 

Since here it is not an official confirmation, why the Nigerian SEC is doing study on Fintech, but reports claim that there are huge chances that regulators will use this study and knowledge to understand how they can impose rules & restrictions to bring a better regulation framework on the crypto market regarding product and services. 

Lamido Yuguda, the Director-General, total to the reuters that 

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

Earlier, Nigeria’s Securities and Exchange Commission passed their statement on the crypto and said crypto assets ”are securities, unless proven otherwise,”

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