Bola Tinubu, the incoming president of Nigeria, recently unveiled a manifesto that, if adopted, will permit the usage of cryptocurrencies and blockchain technology in the country's banking and financial industry.
In order to make existing Securities Exchange Commission (SEC) restrictions on digital assets more business-friendly, the manifesto advises revisiting them. A framework for regulating digital assets in Nigeria, such as cryptocurrencies and other digital tokens, is provided under the new rule.
According to the proposed regulations, all digital asset offerings and investments must abide by SEC rules and regulations, and digital asset issuers must register with the SEC.
"We will modify the policy to encourage the responsible application of blockchain technology in banking and finance, identity management, revenue collection, and use of crypto assets," Tinubu stated in the manifesto. In order to create a regulatory framework that is more effective and beneficial to industry, we will set up an advisory committee to evaluate SEC regulations on digital assets.
The absence of provisions that would have allowed cryptocurrency users to do transactions with their neighborhood banks has drawn criticism from some bitcoin fans.
this existing SEC regulation on crypto in Nigeria is really not letting crypto users make transactions with banks.
— Son of Timothy (@ObiUcheUzoije) March 7, 2023