The SEC Director-General, Dr. Emotimi Agama, has cautioned that some crypto companies applying for registration under the Regulatory Incubation (RI) and Accelerated Regulatory Incubation Programme (ARIP) may not qualify highlighting the complexities of registration, involving ongoing monitoring, education, and surveillance, and stressed the SEC’s commitment to transparency and fairness.
While Quidax and Busha recently received approval-in-principle, Agama confirmed that not all applications under review would succeed.
Key Updates:
Regulatory Leadership: Nigeria aims to lead in crypto regulation with a new law pending Presidential assent to strengthen oversight.
New Rules: Virtual Asset Service Providers (VASPs) must register before promotions and crypto influencers must disclose paid promotions or face fines of up to ₦10 million and 3 years in jail.
Agama assured stakeholders of faster processes in 2025, prioritizing investor protection and a balanced ecosystem.

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