Specifically, the Ministry of Finance is working on a collaborative project with the Abuja-headquartered Securities and Exchange Commission (SEC), to establish a “regulatory environment for blockchain” and crypto assets.
Crypto assets are reportedly granted the definition of commodities, and are placed under the governance of securities law in Nigeria, following an official order from the SEC, regarding the issue, in September this year.
During that time, the SEC reportedly remarked that it’s responsibility will cover the regulation of this new asset class, not slowing down adoption or innovation.
“The general objective of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices that ultimately make for a fair and efficient market.” The SEC Nigeria reportedly stated.
Bitcoin (BTC) and different digital coins are reportedly experiencing a surge in adoption rate across Nigeria, during the time the nation is busy dealing with capital controls, devaluation and new protests targeting police corruption.
The authorities in Nigeria have reportedly shown a pro attitude towards blockchain adoption, with expectations of hitting $10 billion in revenue from the new technology by 2030.