The Nigerian cryptocurrency industry is facing a challenging phase as exchanges grapple with stringent licensing requirements. The country’s Security and Exchange Commission (SEC) has implemented rigorous licensing procedures, causing operational difficulties for many exchanges. This move comes amidst the global surge in cryptocurrency, with Nigeria being Africa’s largest Bitcoin market. However, the tough regulatory environment is hampering the growth of this burgeoning sector, calling for an urgent need to overhaul the current guidelines.
Experts in the field are urging the SEC to revise their guidelines to facilitate the operations of the exchanges and foster growth within the sector. They argue that the current regulations are not in sync with the evolving nature of cryptocurrencies, and are thus inhibiting the potential of the industry. By adopting a more progressive approach, the SEC can potentially propel Nigeria to the forefront of the African crypto market while ensuring consumer protection and market integrity.
