Nigerian govt seeks to push crypto adoption via new rules

The Nigerian securities regulatory body issued its official paper, to explain how it will categorize crypto assets & also to allow the companies to go with crypto businesses under virtual crypto asset services provider license.

Past few years showed that Nigerian govt agencies showed huge inclination toward the use case of blockchain technology because of its successful introduction of Central Bank Digital Currency (CBDC), or say e-Naira, in real life to use as an alternative efficient payment method to step with the modern payment system.

On 13 May, The Securities Exchange Commission of Nigeria published its guidelines for its ruling system on the issuance, exchange, and custody of cryptocurrencies in Nigeria.

Around 20 months ago, Nigeria announced its plan to propose a framework for the Crypto industry, on how it will categorize & regulate cryptocurrencies. After that long time, it comes to reality where the crypto community of Nigeria is taking pleasant breaths.

Under the existing laws and rules, no one local financial entity in Nigeria was allowed to enter the crypto-related business. But now under the proposed framework, businesses will be allowed to go under the crypto-related businesses with the requirement of regulatory approval. 

According to experts, this will open a window for the crypto & blockchain interested companies to enter the crypto world to provide compliance-based high-quality services. 

Past stances of Nigeria on crypto

History for the crypto industry was not better in Nigeria because of highly bitter stances by the Nigerian government agencies against crypto assets. 

According to available reports, the government announced ban on cryptocurrency-related trade activities and also ordered all the banks to suspend support from all crypto-related networks. 

However, the crypto ban was real but in reality, the government did nothing to impose restrictions or provisions to keep citizens away from crypto in all situations. 

The majority of the crypto Investors showed full support to crypto via P2P crypto trading platforms. 

Now all these things will probably reach a better level of improvement for the citizens because now country is moving toward a perfect regulation to keep citizens under a safe zone and also to keep crypto-threats away from the country.

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