Nigeria Developing Framework For Widescale Crypto Adoption

Nigeria developing framework for widescale crypto adoption. Nigeria’s Federal Ministry of Finance is allegedly in talks with the country’s securities regulator to create a new framework for blockchain and cryptocurrencies—a development that could accelerate adoption in Africa’s largest economy.

Business Day, a Nigerian market intelligence publication, reported on Tuesday that the Ministry of Finance is working with the Abuja-based Securities and Exchange Commission, or SEC, to “provide a regulatory environment for blockchain” and digital assets. The publication cites Ministry adviser Amstrong Takang speaking at an industry event in Lagos on Tuesday.

Digital assets are known as commodities and are regulated by the appropriate securities legislation in Nigeria following the stunning SEC act back in September. At the time, the SEC stated that its role was to regulate this new asset class, not to hinder adoption or innovation.

According to the SEC Nigeria “The general objective of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices that ultimately make for a fair and efficient market.”

Bitcoin (BTC) and other cryptocurrencies are experiencing a growing adoption in Nigeria as the country struggles with capital controls, devaluation and new protests targeting police corruption.

[image: Temitayo Aina]

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