According to TechFlow, the Nigerian Securities and Exchange Commission (SEC) requires cryptocurrency exchanges and digital asset traders to re-register their businesses within 30 days, otherwise they will face enforcement action.

The Nigerian SEC said the new registration is intended to amend its rules on digital asset issuance, trading platforms, exchanges and custodians for virtual asset service providers (VASPs).

Nigeria is one of the most populous countries in Africa, and in 2022 it ranked 11th on Chainalysis’ Global Crypto Adoption Index.