Nigeria plans strict rules for $57bn crypto businesses
The Nigerian government is set to implement stringent regulations for the country’s booming cryptocurrency industry, which is estimated to be worth a staggering $57 billion.
These new rules are expected to provide a framework that will enhance transparency and security within the crypto sector.
With the increasing popularity of cryptocurrencies in Nigeria, the government’s proactive approach is seen as a necessary step to safeguard investors and ensure the stability of the market.
The Nigerian government is set to implement stringent regulations for the country’s booming cryptocurrency industry, which is estimated to be worth a staggering $57 billion.
The move comes as authorities aim to address concerns over potential risks associated with digital currencies.
These new rules are expected to provide a framework that will enhance transparency and security within the crypto sector.
With the increasing popularity of cryptocurrencies in Nigeria, the government’s proactive approach is seen as a necessary step to safeguard investors and ensure the stability of the market.
Nigeria has experienced a significant increase in its volume of cryptocurrency transactions, reaching $56.7 billion between July 2022 and June 2023. This information comes from the 2023 Geography of Cryptocurrency Report, conducted by Chainalysis, an international blockchain analysis firm based in the United States of America.
According to sources, it has been revealed that the government is considering announcing a temporary suspension of P2P crypto trading in order to develop a comprehensive set of regulations for better oversight of the industry.
In an interview with Sunday PUNCH, the Chairman of BICCoN, Lucky Uwakwe, said that the group would be seeking to reach a middle ground with the regulator, which had so far this year introduced stiffer guidelines for digital asset operators, as well as a proposed increase in the registration fees.