Nigeria is second only to El Salvador in terms of Bitcoin interest, but its government doesn’t want to register BTC exchanges.
Nigeria’s SEC aims to register fintech firms as digital sub-brokers, crowdfunding intermediaries, fund managers and tokenized coins issuers. The authority will not register crypto exchanges until the central bank provides clear regulations for the crypto market.
Abbas noted that license applicants would undergo a year of “regulatory incubation,” allowing the SEC to study their operations and render their services in the country. He added: “By the 10th month, we should be able to make a determination whether to register the firm, extend the incubation period or even ask the firm to stop operation.”to cryptocurrency-related platforms in early 2021. On the ban, the regulator cited high risks associated with trading cryptocurrencies like Bitcoin. The central bank also promised to impose strict penalties for any lender or financial institution failing to comply with the directive.
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