“If you’re not registered with SEC, you’re illegal,” Nigerian govt to fintechs
- The SEC has charged all fintechs and cryptocurrency firms to register with the commission.
- President Bola Tinubu has signed the Investments and Securities Act 2024 into law, making its provisions enforceable.
- Dr. Emomotimi Agama stated that unregistered entities are considered illegal.
The SEC's proactive approach to regulating the fintech and cryptocurrency sectors in Nigeria is commendable, as it aims to create a safer investment environment. However, the effectiveness of these regulations will depend on their implementation and the SEC's ability to educate both businesses and consumers about compliance and risks.
