The director of the Securities and Exchange Commission (SEC) of Nigeria said Emeomotimi Religion that the country is open to Stablecoin businesses that comply with local regulations.
According to a Thursday Report Through the English language language, the cable, Mom said Stablecoin companies following local regulations are welcome in Nigeria. “Nigeria is open for the Stablecoin business, but for terms that protect our markets and empower the Nigerians,” he said.
“We ride some companies dedicated to Stablecoin applications, while ensuring compliance with the principles of management of the major risks,” said Mom, adding that those companies were accepted by the SEC’s SEC regulation.
Members made his comments on Thursday at the Nigeria Stablecoin Summit in Lagos. In a panel discussion, he said regulating stablecoins was important for the development of Nigeria.
Related: Nigeria’s new Crypto tax policies may not drive the income it needs
Nigeria’s bets in crypto
He emphasized that regulating stablecoins is essential to the development of Nigeria’s finances. “When the document of books in Africa’s history is African finance revolution, it will now be remembered as a moment that we moved from potential to act.” It boasts the recent shift in Nigeria’s approach to crypto regulation.
In late May, a move to local cryptocurrency regulation LED blockchain.com to express plans to Open a physical office in Nigeriathe “fastest growing market” in West Africa. “Nigeria has taken significant steps towards creating a clear framework for crypto,” Owenize Odia, general manager of blockchain.com for Africa, reportedly said at that time.
Related: The Nigerian Court Postpones Binance Tax Evasion Case until April: Report
Past the rotting crypto of Nigeria
In March, the Nigerian Information Minister Mohammed Idris said that many crypto businesses operating in the country were not facing trial or prosecution to criminal. Implementation efforts are aimed at “strengthening our laws, not to conquer anyone. We make sure that no one will come and operate without regulation,” he said.
Comments follow Nigeria Filing a $ 81.5 billion lawsuit against Binance In February, the claim of the exchange resulted in the crashing of Nigeria’s local currency, Naira. Local prosecutors also argued that Binance owed $ 2 billion in back taxes while the Nigerian government continued to involve the reasonable crypto policy.
Despite Nigerian authorities accusing a crypto exchange responsible for lowering local currency, some officials speak highly on technology. In a March’s opinion articleMohammed Idris, Nigeria’s information minister, acknowledged that “blockchain technology and other digital ownership is no longer on the edges of our economy.”
“They quickly become the center of how our people move, create and develop,” he added.
