Nigeria moves gingerly to tame Africa's biggest crypto market

Tonye Bakare

Nigerian authorities are warily moving to regulate Africa's largest cryptocurrency market in long-delayed efforts to create legal certainty in a field still fraught with fraud and volatility. For years, regulators and government officials have viewed cryptocurrencies and other digital assets with suspicion despite their popularity in the country. Nigeria ranked second globally after India in 2023 and 2024 on a crypto adoption index compiled by Chainalysis, a global crypto research firm. Over the past year, a more regulated sector has slowly started to take shape, even as fraud remains a concern for police. The director-general of the country's Securities and Exchange Commission (SEC), Emomotimi Agama, confirmed to AFP in August that the regulator was pushing ahead with efforts to create clarity around the use of digital assets. That month, the…

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Star South Africa (Digital) - 1 Issue, 2025-03-12

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