The Securities Exchange Commission (SEC) has unveiled plan to license cryptocurrency firms operating in Nigeria, to further open the fintech sector youths.
Emomotimi Agama, SEC’s Director-General, who spoke to Bloomberg, said the commission intends to issue first licences for digital service and tokenised assets this month.
“Being a crypto enthusiast and fintech enthusiast, I can tell you without doubt that this is going to happen sooner than you think”, Agama said.
“We must support the youths of this country to be able to achieve the benefit that is accruable in fintech. The market size is huge and it is growing”.
Agama added that the SEC wants to provide a platform where people can formerly “do these things, and we are able to get all of the information that we need”.
“What we will not encourage is the use of cryptocurrency to manipulate our currency,” Agama said.
In December 2023, the Central Bank of Nigeria (CBN) lifted the ban on cryptocurrency transactions.
