The Nigerian Securities and Exchange Commission (SEC) has disclosed plans to introduce new regulations for crypto operators following recent challenges with Binance.
New regulations
The planned regulation would include licensing, registration, and screening guidelines for digital and virtual asset services providers (VASPs). In addition, the new guideline would ensure that malicious actors are not registered as operators within the Nigerian market.
A local media outlet, citing a Mar. 4 notice from the regulator, reported that the SEC expressed willingness to engage with “genuine” digital asset operators. The notice stated:
“The SEC has also developed a new AML/CFT/CPF AML/CFT/CPF onboarding manual for licensing/registration and on-going screening of Digital and VASP beneficial Owners to ensure that criminals are not registered as operators in the capital market. The SEC is ready to interface with genuine VASPs based on these clear rules and regulations.”
The Commission is also
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