Nigeria Plans to Introduce Crypto Licensing Process

Nigeria's Securities and Exchange Commission (SEC) plans to license issuers of virtual assets including cryptocurrencies as adoption surges in the West African nation, Bloomberg reported on Tuesday. The SEC wants to issue its first licenses for digital service and tokenized assets as early as this month, Director-General Emomotimi Agama told Bloomberg. The Abuja-based regulator is responding to the surge in demand for crypto, Agama said. "The market size is huge and it is growing,” Agama said. Nigeria is following nations across the world who have decided to license crypto companies. South Africa recently started a crypto licensing regime.

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