Nigeria wants more clarity about digital currency trade. That is why the country has launched new rules for cryptocurrencies. Nigeria’s stock market and values commission published “Rules on the issuance, platform offer and custody of digital assets” For virtual technologies, said the commission in Your website.
Second large commercial volume
These rules apply to digital assets regulated by the SEC. By providing more clarity on these rules, it could increase trade in the country, according to Bloomberg. It would be better to say: increase even more.
Nigeria is responsible for the second largest volume of cryptocommerce in the world, according to Bloomberg. “Nigeria represents the largest volume of cryptocurrency transactions outside the US.”read in the article. The only doubtful thing about this statement is that the news platform cites another platform, without citing a link to the source.
The SEC wants to protect investors’
Nigeria banned cryptographic transactions of financial institutions last year, which could also affect the numbers referred to by Bloomberg. You wouldn’t expect it, but banks do not have it easy with this option. The Central Bank of the country imposed huge fines for four banks for not completely monitoring these transactions.
Nigeria SEC said last year that it would try to protect investors and make the market more transparent. “The regulation could act as the precursor of a surprise movement of the Central Bank to reverse its approach, sitting a critical basis for the massive adoption of cryptography throughout the country ”Said Owen Odia, from Luno cryptocurrency exchange, in an email to Bloomberg.
These are probably the rules that the SC spoke at that time. It is questionable if this would really help, but a little patience is needed.
