Coin

<ul class="wp-block-list news-points"> 
 <li>Nigeria to license crypto exchanges amid a surge in crypto adoption.</li> 
 <li>The government seeks to balance innovation and investor protection.</li> 
 <li>The crypto community welcomes the move, but concerns remain regarding overly stringent regulations.</li> 
</ul>   
Nigeria’s Securities and Exchange Commission (SEC) <a href="https://www.bloomberg.com/news/articles/2024-08-20/nigeria-s-sec-to-licence-crypto-exchanges-as-adoption-surges" target="_blank" rel="nofollow">will start licensing</a> cryptocurrency exchanges. This move comes as crypto adoption surges in Nigeria, recently ranked the world’s second-largest user base by Chainalysis.   
Previously, Nigerian authorities had taken a more cautious approach, restricting banks from processing crypto transactions and blocking access to major exchanges like <a href="https://coinedition.com/binance-executives-detention-in-nigeria-a-case-of-extortion-or-justice/">Binance</a>. This change in stance signals a recognition of the growing popularity and potential economic benefits of a regulated crypto market.   
The SEC’s Director-General, Emomotimi Agama, stressed the importance of supporting innovation while also protecting investors. Licensing will enable legitimate exchanges to operate with clear rules and oversight, boosting user confidence and market stability. This could potentially attract more foreign investment and strengthen the domestic crypto ecosystem.   
Although specific details abo…
The post <a href="https://coinedition.com/nigeria-crypto-news-sec-to-license-exchanges/">Nigeria Crypto News: SEC to License Exchanges</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Nigeria Crypto News: SEC to License Exchanges

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