According to confirmation of Fintech Nigeria, Security Exchange Commission (SEC) Nigeria will be releasing new guidelines of cryptocurrency.
During an AMA Series Session by Fintech Nigeria on twitter, it was reported that cryptocurrencies are yet to be regulated in Nigeria.
The question was “if cryptocurrency is regulated under Fintech Nigeria?”, it was reported that the Security Exchange Commission of Nigeria will be releasing new guidelines on the operation of digital assets in Nigeria.
Moreover, SEC had released a draft rules on cryptocurrency where it was classified as virtual assets.
“Cryptocurrencies are currently not regulated in Nigeria but SEC will be coming out soon with guidelines on operations of digital assets which includes cryptocurrencies.We can share a copy of draft Rules by SEC on crypto classified as a virtual asset with you.”
And according to the Final Report of the Fintech Roadmap accepted by the Capital Markets community classified cryptocurrencies as Commodities or Securities NOT currency.
But now, the recent update from the Fintech Nigeria confirms that Cryptocurrencies are not regulated in Nigeria.