Nigerian crypto community is moving towards P2P platforms

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Nigeria's SEC crypto
  • Nigeria’s SEC has the hold the plans on regulating crypto
  • The move of the regulator came following the directives on crypto by the Central bank of Nigeria
  • The SEC will hold that until the user can operate bank accounts within the national banking system

Nigeria’s SEC has announced its plans of regulating crypto in the nation. The Securities and Exchange Commission (SEC) of Nigeria, has plans to regulate cryptocurrency in the country. However, in light of last week’s warning by the Central Bank of Nigeria, the regulatory body has put a hold on its plans. On the other hand, since the CBN released the warning, the Nigerian crypto community is observed turning to peer-to-peer (P2P) exchange platforms to trade such currencies. However, the angry crypto users in the country have started a #WeWantOurCryptoBack campaign.

Nigeria’s SEC is following CBN directives on crypto

The Central Bank of Nigeria has released an official warning to financial firms and banks in the country. According to the bank, the warning is just a reminder that cryptocurrencies are not legal tender in the nation. However, following the ban on cryptos from the central bank, Nigeria’s SEC announced confirming any plans to regulate the virtual currencies are now on hold. 

According to the regulatory, it is only following CBN’s directives, which ordered banks to close any accounts transacting cryptos. The SEC also confirmed that the regulation plan would remain on hold until the crypto industry can operate bank accounts within the nation’s banking system.

The regulator is engaging with the Central Bank of Nigeria

In the press release, Nigeria’s SEC revealed that it is working further with the CBN for the crypto industry. The regulatory body is willing to analyze further and understand the identified risks. Such understanding and analyzing will help the regulator to ensure those appropriate adequate mitigants are put in position, and should such securities be allowed in the future or not.

SEC’s clarification of the Capital Market FinTech Strategy

According to Nigeria’s SEC clarification regarding the implementation of the Capital Market FinTech Strategy is way essential. For admittance into the SEC Regulatory Framework, the assessment of all individuals and services affected by the central bank’s circular will be put on hold until the user can operate bank accounts within the national banking system.

On the other hand, the planned regulating implementation of the regulator’s incubation guidelines for financial technology (FinTech) firms. Such guidelines intend to roll-out innovative models for offering capital market products, and the services will remain similar.

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