Nigerian Securities and Exchange Commission (SEC) announced it will begin issuing crypto licenses in August 2024. The agency stated that this is the first time it will issue crypto licenses, denying reports from several publications that it had issued a provisional license to a major crypto exchange.
Does this recent development indicate that the Nigerian government, which instigated the ban on P2P trading, is finally accepting crypto after blaming the digital assets for its currency volatility in the foreign exchange market?
The commission further related to some crypto exchanges on the necessity of delisting the Naira from P2P trading, some calmly while others, with brute force.
Since the beginning of 2024, Nigerian regulators have been in constant legal battles with crypto exchanges over using the Naira in P2P trading. The Nigerian National Security Adviser (NSA) declared crypto trading a national security issue, as the regulators widely believed it to be used in manipulating the Naira valuation.
The crypto exchange Binance received undivided attention on regulatory clampdown by the Nigerian authorities for almost a year. The exchange had one of its executives arrested and was facing money laundering and tax evasion charges.
Nigerian crypto enthusiasts are awaiting the first official issue of the crypto licenses to verify if the SEC is finally making a turnaround on its decision against crypto.