According to BlockBeats, the Securities and Exchange Commission (SEC) of Nigeria has issued a directive to cryptocurrency exchanges and digital asset traders. They have been given a 30-day window to re-register their businesses or risk facing enforcement action. This announcement is part of Nigeria's plan to regulate digital asset trading. The SEC has stated that the new registration is aimed at modifying its rules regarding the issuance of digital assets, platform provision, exchanges, and the custody of Virtual Asset Service Providers (VASP).
The commission made this known in a statement on its website. It stated that 'All operating and potential VASPs must visit the SEC electronic portal website and complete the application process within 30 days from the date of this notice.' This move is seen as an effort by the Nigerian SEC to regulate the burgeoning cryptocurrency market in the country and ensure compliance with financial regulations. The directive is expected to bring more transparency and accountability to the digital asset trading sector in Nigeria.