The Nigerian Securities and Exchange Commission (SEC) has introduced a proposed regulation targeting cryptocurrency influencers who promote fraudulent crypto projects.
Under the new rule, all cryptocurrency platforms and Virtual Asset Service Providers (VASPs) must obtain a license from the Nigerian SEC before engaging in any promotional activities across social media, television, or print media. This regulation is scheduled to take effect on June 30, 2025.
Additionally, crypto influencers are mandated to disclose any compensation received for promoting digital assets or services. Non-compliance with this disclosure requirement could result in a fine of ₦10 million ( $7,000 USD ) and imprisonment for up to three years.
The SEC’s official document outlines these stipulations under the section titled “Specific Requirements for Third-Party and Social Media Promotions,” detailing the obligations and penalties associated with the new law.
Industry stakeholders have largely welcomed this initiative, viewing it as a positive step toward eliminating predatory practices and enhancing transparency within Nigeria’s cryptocurrency sector.
As the implementation date approaches, crypto influencers and platforms operating in Nigeria are advised to familiarize themselves with these regulations to ensure full compliance and avoid potential legal repercussions.
