TechFlow news, September 9 — According to CryptoNews, Nigeria's Securities and Exchange Commission (SEC) is preparing to take action against individuals and cryptocurrency exchanges that fail to comply with its regulatory framework. Local media outlet Nairametrics reported that Emomotimi Agama, Director-General of Nigeria’s SEC, announced strict measures will be taken against crypto exchanges that do not adhere to the regulatory framework. Agama emphasized that the SEC will not allow platforms unwilling to submit to regulation to operate in Nigeria’s market.
Earlier, at the end of August, the SEC granted interim licenses to two digital asset exchanges, Busha and Quidax, allowing them to begin operations under an accelerated regulatory sandbox program. Agama stated that growing youth interest in digital assets had driven this decision, while underscoring the importance of a clear regulatory framework, comprehensive disclosure requirements, and anti-money laundering measures to protect investors and foster innovation.
