Nigerian Securities and Exchange Commission sets up unit to study crypto investments and formulate relevant regulations

According to Reuters, the Director General of the Nigerian Securities and Exchange Commission said that the agency has set up a dedicated fintech unit to study crypto investments and products in order to formulate relevant regulations.

As previously reported, in February this year, the Central Bank of Nigeria (CBN) banned the trading of Bitcoin and other digital assets. The local regulator ordered banks, non-bank financial institutions and other financial institutions to "identify individuals or entities that conduct transactions or operate cryptocurrency exchanges within them and immediately close such accounts."