Bank

<h4><strong>Nigeria’s SEC is reportedly set to license virtual asset service providers.</strong></h4> 
<p>Reports claim this licensing could begin as early as this month. Let’s explore more about this news related to Nigeria.</p> 
<h5><strong>Nigeria’s SEC to License Virtual Asset Providers Soon</strong></h5> 
<p>A <a href="https://www.bloomberg.com/news/articles/2024-08-20/nigeria-s-sec-to-licence-crypto-exchanges-as-adoption-surges" target="_blank" rel="noopener">Bloomberg report</a> notes that the SEC would require digital asset issuers, including cryptocurrencies, to secure a license before operating. The SEC’s Director-General Emomotimi Agama claims the agency plans to issue its first licenses for digital services and tokenized assets this month. Agama noted that the move responds to increasing demand for crypto in Nigeria, which has seen significant market growth.</p> 
<figure id="attachment_148673" aria-describedby="caption-attachment-148673" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="size-full wp-image-148673" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Nigeria-crypto-licensing.jpg" alt="" width="811" height="211" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Nigeria-crypto-licensing.jpg 811w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Nigeria-crypto-licensing-300x78.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Nigeria-crypto-licensing-768x200.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Nigeria-crypto-licensing-696x181.jpg 696w" sizes="(max-width: 811px) 100vw, 811px">
 <figcaption id="caption-attachment-148673" class="wp-caption-text">
  Source: <a href="https://x.com/olumidecapital/status/1766026767762870567" target="_blank" rel="noopener">X</a>
 </figcaption>
</figure> 
<p>Nigeria is joining other countries like South Africa, France, and the U.K. in licensing crypto companies.</p> 
<h5><strong>Is Nigeria Ready to Embrace Crypto?</strong></h5> 
<p>Nigeria has become one of the fastest-growing crypto economies globally. However, for years, Nigerian crypto users were concerned about the country’s tough stance on cryptocurrencies. However, Nigerian authorities appear ready to embrace digital activities.</p> 
<p>Last December, the Central Bank of Nigeria <a href="https://www.reuters.com/world/africa/nigerian-central-bank-lifts-ban-crypto-trading-2023-12-23/" target="_blank" rel="noopener">lifted its ban</a> on banks facilitating crypto transactions. The financial regulator said the adjustment recognized the global rise in crypto adoption. Interestingly, Nigeria was the <a href="https://www.binance.com/en/square/post/1523309?ref=creditcoin.org" target="_blank" rel="noopener">second-largest economy</a> in terms of crypto adoption and was named the most crypto-obsessed country by Google search data.</p> 
<figure id="attachment_148667" aria-describedby="caption-attachment-148667" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-148667" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/crypto-tax.jpg" alt="" width="612" height="507" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/crypto-tax.jpg 868w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/crypto-tax-300x249.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/crypto-tax-768x637.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/crypto-tax-506x420.jpg 506w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/crypto-tax-696x577.jpg 696w" sizes="(max-width: 612px) 100vw, 612px">
 <figcaption id="caption-attachment-148667" class="wp-caption-text">
  Source: <a href="https://x.com/Cryptotvplus/status/1825645163114541125" target="_blank" rel="noopener">X</a>
 </figcaption>
</figure> 
<p>Nigeria also <a href="https://finance.yahoo.com/news/nigeria-plans-introduce-crypto-licensing-150451876.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAKcHNEwEUbnWwyL_kEqQ7UU7BVN2epRXrXngnbOMUIUE71G8HlSAW7Ltj3-3TDRTyhVvKymYpuXkGAXw9L0ZN5I627pZJJle305xXgl80eAooW9UG0LhgfnuX-Q9vep396DjtQYVIW5qJvWgT0LfOUtCFpqSVorFqeZM7Kzx8APB" target="_blank" rel="noopener">plans</a> to introduce a bill enabling it to tax crypto from September. As per local sources, Nigeria’s tax agency, the Federal Inland Revenue Service (FIRS), is leading the charge for the crypto tax bill.</p> 
<p>Interestingly, some Nigerian officials <a href="https://www.altcoinbuzz.io/cryptocurrency-news/nigeria-demands-10-billion-from-binance-amid-currency-crisis/" target="_blank" rel="noopener">blame crypto</a> for the naira’s decline against the dollar over the past year. Central Bank Governor Olayemi Cardoso claims crypto exchange Binance enabled $26 billion to leave the country last year, which hurt tax revenues.</p> 
<p><iframe title="Top 3 Low Cap Altcoin Gems in a Down Crypto Market" width="696" height="392" src="https://www.youtube.com/embed/N1WmCUk9uQM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p> 
<h5><strong>Disclaimer</strong></h5> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.</p> 
<p>We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.</p> 
<p>Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/nigeria-to-license-crypto-firms-starting-this-month/">Nigeria to License Crypto Firms Starting This Month</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Nigeria to License Crypto Firms Starting This Month

Altcoin Buzz

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