Nigeria introduces new rules for cryptocurrency

nigeria wants more clarity about the trade in digital currencies. For this reason, the country has published new rules for crypto. The Nigerian Stock Exchange Supervisory Authority Securities and Exchange Commission published "Rules for the edition, the platform offer and the custody of digital assets" for virtual technologies, the Commission shared with its website .

second largest trading volume

These rules apply to digital assets that are regulated by the SEC. By creating more clarity about these rules, according to Bloomberg, it could increase trade in the country. It might be better to say: increase even more.

According to Bloomberg, Nigeria is responsible for the second largest crypto trade volume of the world. "Nigeria is the largest volume of cryptocurrency transactions outside the United States," says the article. The only questionable thing about this statement is that the news platform quotes a different platform without naming a link to the source.

sec wants to protect "investors"

nigeria last year banned crypto transactions from financial institutions, which could also affect the numbers to which Bloomberg refers. You wouldn't expect it, but banks are not easy with this choice. The country's central bank has occupied four banks with high punishments because they have not completely monitored these transactions.

The Nigerian SEC said last year that it would try to protect investors and make the market more transparent. "The regulation could serve as a harbinger of a surprising step of the central bank, to reverse its approach and create a decisive basis for the mass acceptance of crypto across the country," said Owen Odia from the cryptocurrency exchange Luno in an email to Bloomberg.

So these are probably the rules about which the SEC spoke back then. It is questionable whether this really helps, but it takes a little patience.