The financial market regulator in Nigeria, the Nigerian Securities and Exchange Commission has <a href="https://www.nasdaq.com/articles/nigerias-sec-set-up-fintech-division-to-understudy-crypto-investments-2021-09-02" target="_blank" rel="nofollow noopener">set up</a> a fintech division to study all investments and products related to crypto to assess the practicability of establishing a regulatory framework. In accordance with the Director of the SEC, Lamido Yuguda, his bureau has desires to come up with adequate rulings to protect consumers in the best way possible. 
<h2>Nigeria SEC to Introduce Special Division to Study Crypto Investments and Products</h2>
Lamido Yugada, the Director of the Securities and Exchange Commission (SEC), recently spoke with leading market update revealers and said:
<blockquote>“We are looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain.”</blockquote>
It should be noted that he did not provide a deadline for stationing regulations in the domestic crypto markets and he clarified that the watchdog would proceed with regulatory frameworks once the Nigerian banking system allows cryptocurrencies.

In addition to this, Yugada revealed in the same interview that the SEC had been in discussion with the Central Bank of Nigeria (CBN) as they are preparing the introduction of the forthcoming <a href="https://www.cryptoknowmics.com/news/central-bank-of-nigeria-to-pilot-cbdc-on-the-hyperledger-fabric-blockchain/">CBDC</a>, e-Naira.
<h2>Nigerian Regulatory Commission had a Tough Stance Against Cryptocurrencies</h2>
The Nigerian SEC suspended its plans in order to regulate the digital assets following the circular of the central bank in suspending bank accounts for crypto companies.

Moreover, it should be noted that Nigeria is among the top countries in Africa with crypto penetration.

Also, in accordance with the market data compiled by Coin Dance, 60,215 Bitcoins were traded in Nigeria in the past five years, which is still behind the United States. 

Back in the month of September of the year 2020, the Nigerian SEC recognized cryptocurrencies and as revealed, they planned to create a <a href="https://www.cryptoknowmics.com/news/nigerian-central-bank-publishes-draft-guidelines-on-digital-currency/">regulatory sandbox</a> for digital currencies.

Nigeria SEC to Set Up a Fintech Division to Study Crypto Investments and Products

The Securities and Exchange Commission of Nigeria (SEC) has set up a fintech division to study all investments related to crypto.

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

Nigeria SEC to Set Up a Fintech Division to Study Crypto Investments and Products

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