Nigeria’s SEC cites due diligence delays in crypto licence freeze
TechCabal | Emmanuel Nwosu - Apr 14, 2025
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Nigerian Financial Intelligence UnitSecurities and Exchange CommissionEconomic and Financial Crimes CommissionOffice of the National Security AdviserEmomotimi Agama
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AI-generated highlightsThe most relavant information from the article.
  • The SEC has delayed issuing new provisional licenses to crypto startups under its ARIP.
  • Director General Emomotimi Agama cited the need for additional due diligence as the reason for the delay.
  • The SEC has not approved any new applicants since issuing provisional licenses to Quidax and Busha in August 2024.
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While the SEC's commitment to thorough due diligence is commendable, the prolonged delays in licensing could stifle innovation and growth in Nigeria's burgeoning crypto sector. A more streamlined process is essential to balance regulatory oversight with the need for a vibrant digital economy.
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