According to Foresight News, the Nigerian Securities and Exchange Commission (SEC) values ​​its domestic cryptocurrency industry at more than $400 million, with a significant portion of the population involved in crypto asset trading. SEC Chief Emomotimi Agama expects crypto trading volumes to continue to increase in the coming years.

As previously reported by Foresight News, the country has given crypto trading platforms and digital asset dealers 30 days to re-register their businesses or risk enforcement action. The new registration is intended to amend its rules on digital asset issuance, offering platforms, exchanges, and custody of virtual asset service providers (VASPs).