Nigeria’s SEC to fast-track crypto licencing in 2025
- The SEC plans to accelerate the issuance of crypto licenses in 2025 as part of its regulatory efforts.
- Provisional licenses have been granted to Nigerian crypto startups Quidax and Busha under the ARIP.
- A report found that security concerns are a major barrier to crypto adoption among Nigerian users.
The SEC's initiative to regulate the cryptocurrency market in Nigeria is a significant step towards consumer protection and fostering a safer environment for crypto investments. However, the challenge lies in balancing regulation with innovation to avoid stifling growth in this emerging sector. Ongoing collaboration between regulators, banks, and crypto startups will be crucial in establishing a robust framework that benefits all stakeholders.
