What are the regulations and legalities surrounding cryptocurrency in Nigeria?

3 answers

• Nov 25, 2021 · 3 years ago
  Cryptocurrency regulations in Nigeria are still evolving. The Central Bank of Nigeria (CBN) has issued several warnings about the risks associated with cryptocurrencies, but there is no specific legislation that bans or regulates their use. However, the Securities and Exchange Commission (SEC) has classified cryptocurrencies as securities and requires any entity involved in cryptocurrency activities to register with the commission. It's important for individuals and businesses to stay updated on the latest developments in cryptocurrency regulations in Nigeria.
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• Nov 25, 2021 · 3 years ago
  In Nigeria, the use and trading of cryptocurrencies are not explicitly illegal. However, the Central Bank of Nigeria has issued warnings about the risks associated with cryptocurrencies and has advised financial institutions to refrain from dealing in cryptocurrencies. The Securities and Exchange Commission has also recognized cryptocurrencies as securities and has set out guidelines for their regulation. It's important for individuals and businesses to comply with these guidelines to ensure they are operating within the legal framework.
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• Nov 25, 2021 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi operates in compliance with the regulations and legalities surrounding cryptocurrency in Nigeria. The use and trading of cryptocurrencies are not explicitly illegal in Nigeria, but there are guidelines and requirements set by regulatory bodies such as the Central Bank of Nigeria and the Securities and Exchange Commission. BYDFi ensures that users can trade cryptocurrencies in a secure and compliant manner, following the necessary KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures.
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