Nigerian cryptocurrency traders are upbeat as the Nigerian Government announced plans to lift stifling restrictions on cryptocurrency platforms and dealers.
The Securities and Exchange Commission (SEC) said it plans to issue licenses and certificates to crypto dealers and exchanges.
The move came after the tension between dealers and the Nigerian government following allegations that crypto platforms and dealers like Binance were manipulating the naira, leading to the country’s currency volatility.
SEC Director-General Emomotimi Agama emphasized the importance of supporting the youth in fintech, noting the significant and growing market size.
He stated, “Being a crypto and fintech enthusiast, I can tell you without doubt that this is going to happen sooner than you think.”
Nigeria has become one of the fastest-growing crypto economies, with the Central Bank of Nigeria lifting restrictions on banks facilitating cryptocurrency transactions.
However, following allegations of naira manipulation and money laundering against Binance, a director of the firm was arrested earlier in the year, but he mysteriously escaped from prison.
This led to OKX halting Naira withdrawals. The Seychelles-based exchange, the second largest by trading volume, also ceased operations in other regions like India due to regulatory challenges.
Agama highlighted the SEC’s goal to create a formal platform for crypto activities, ensuring transparency and preventing the use of cryptocurrency to manipulate the national currency.
