Nigerian SEC Cracks Down on Digital Assets with Stricter Regulations

Nigeria's Securities and Exchange Commission (SEC) has published a draft framework for regulating digital assets and their service providers.

The document, released on August 20, outlines stricter rules for the industry in an effort to formalize Nigeria's crypto market.

One key requirement is that stablecoins pegged to foreign currencies cannot be listed on exchanges or held by consumers without SEC approval.

The commission will assess the issuer's regulatory status, audits, reserve quality, and independent attestations before allowing these stablecoins to operate.