Nigeria proposes a new rule for crypto companies

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The securities regulatory body of Nigeria proposes a set of new rules for the local crypto players. 

Nigeria is a very big hub for P2P crypto traders. In the last two months, Nigerian government agencies have taken multiple actions against crypto companies operating services in the country. They imposed restrictions on the access of the major crypto exchanges e.g. Binance, Coinbase, etc. The Nigerian agencies alleged that Binance’s P2P trading services badly impacted the value of the country’s sovereign fiat currency Naira. Nowadays people in this country are actively trading crypto assets via telegram & WhatsApp platforms.

Recently the Nigerian Securities and Exchange Commission (SEC) released a set of proposed rules for the crypto companies providing services in the country. 

Notably, already the Nigerian government imposed restrictions on the access of foreign crypto companies, so here we can say that the proposed rules are for the local players. 

The key point of the proposed rule noted that they ordered all the companies to have a local physical office in the country and also the CEO of the company should be Nigerian. 

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This latest proposed rule by the Nigerian SEC body is a clear indication that outside players are directly not allowed to establish a crypto business and local players will take huge benefits.

A similar kind of thing was noticed before 2021 for the Nigerian CBDC development. At the time many fintech companies alleged that the Nigerian central bank partnered with local fintech players to develop CBDC, while other players had better expertise in developing CBDC. 

Some media reports said that it would help to boost the local economy of the country but otherside some experts said that it would badly impact the rate of foreign investment in the country & employment rate also. 

Read also: Cardano founder dismisses FUD around Hydra scaling development negligence

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