The Securities and Exchange Commission (SEC) has said it plans to upgrade and roll out additional rules to combat illegal trading in digital assets in the country’s cryptocurrency industry.
SEC Director-General, Emomotimi Agama, who disclosed this recently said he plans to upgrade rules in the industry, saying that the naira needs to be delisted from peer-to-peer trading to avoid manipulation.
This follows the backdrop of news that the Federal Government intends to start charging domestic money transfers to tackle cyber security.
“I want to seek your cooperation … as we roll out in the coming days the regulations that would take control of these areas,” SEC chief said.
Nigerian officials have clamped down on cryptocurrency activities, blaming users for manipulating the country’s local currency and weakening it.
The Nigerian currency has dropped significantly in strength due to a shortage of dollars while the crypto industry in the country has flourished.
