Nigeria's SEC to issue first crypto licence in August as new tax laws loom
- Nigeria's SEC plans to license Virtual Asset Service Providers (VASPs) to tap into the growing fintech market.
- The commission aims to issue licenses for digital services and tokenized assets this month.
- The Federal Inland Revenue Service (FIRS) plans to introduce new tax laws, including regulations for the Nigerian crypto industry, by September 2024.
The licensing of Virtual Asset Service Providers (VASPs) by Nigeria's SEC is a positive step towards regulating the growing fintech market and ensuring better access to necessary information. The introduction of new tax laws and regulations for the Nigerian crypto industry by the FIRS also indicates a proactive approach to governing cryptocurrency transactions. However, it remains critical to strike a balance between regulation and fostering economic development.
