ARIA | News

SEC's New Direction: Crypto and Blockchain Innovation Takes Root in Nigeria

by aria-crypto.com

February 8, 2025 at 11:00

SEC's New Direction: Crypto and Blockchain Innovation Takes Root in Nigeria

In a significant shift in regulatory approach, Nigeria's Securities and Exchange Commission (SEC) is embracing blockchain technology to enhance market efficiency and address financial inclusivity. Last year, Nigeria's crypto environment suffered as the government cracked down on unlicensed platforms, leading to a dramatic decline in stablecoin transactions. However, under global pressure and with a fresh perspective from SEC Director General Emomotimi Agama, the country is now poised to integrate blockchain into its financial regulatory framework. Agama, a proponent of blockchain, sees its potential to streamline operations and increase transparency in both the public and private sectors. Following productive discussions with the Algorand Foundation, the SEC plans to use blockchain to ensure secure and traceable financial transactions, reinforcing user protection against common threats like hacks and fraud. This progressive stance by Nigeria's SEC presents a promising future for blockchain's role in fostering financial innovation and regulatory clarity in the region.

Disclaimer

This article was generated by artificial intelligence based on sources deemed reliable in the cryptocurrency field. While ARIA strives to provide accurate and up-to-date information, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information contained herein. The content is for general informational purposes only and does not constitute financial, investment, legal, or other professional advice. Any reliance you place on such information is strictly at your own risk. ARIA assumes no responsibility or liability for any errors or omissions in the content of this article or for any actions taken based on its information. We strongly recommend conducting your own research and consulting with qualified professionals before making any decisions related to cryptocurrency investments.

>> Bitcoin and Ethereum Market Realignments: 21Shares Concludes Operations of ARKC and ARKY ETFs

21Shares has decided to liquidate two of its exchange-traded funds (ETFs) dealing with bitcoin and ether futures, named ARKC and ARKY, in response to a broader market downturn and poor fund performance. The tar...

3 hours ago

>> Cardano and Natural Gas Futures Set to Broaden Coinbase's Market Horizons

Coinbase is poised to expand its product line by introducing futures contracts for Cardano (ADA) and Natural Gas (NGS), pending regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC). Thi...

4 hours ago

>> BlackRock's Strategic $25 Million Investment in Bitcoin Signals Market Confidence

BlackRock, the world's largest asset manager, has significantly bolstered its Bitcoin holdings, purchasing $25 million worth of Bitcoin through Coinbase Prime. This investment has brought BlackRock's total Bitc...

5 hours ago

>> US Judge Approves Monumental Claim Increase for Three Arrows Capital in FTX Bankruptcy Case

A US judge has approved a significant expansion of Three Arrows Capital's (3AC) claim against the now-bankrupt cryptocurrency exchange FTX, elevating the claim to $1.53 billion. This decision marks a substantia...

9 hours ago

>> US Authority Tightens Grip on Crypto with New Strategic Reserves and Legislation

United States authorities are taking significant strides in integrating cryptocurrencies into national strategic reserves, signaling a stronger regulatory and legal framework surrounding digital assets. Recentl...

12 hours ago

>> SEC and Ripple Nearing Settlement: Potential Impacts on XRP's Future

The SEC's long-standing lawsuit with Ripple might be nearing an end, generating both excitement and anxiety within the XRP community under the more crypto-friendly Trump administration. Legal experts suggest th...

12 hours ago

>> Binance and Stablecoin Controversy: Bloomberg Faces Pushback from WLFI

World Liberty Financial has publicly refuted a Bloomberg article that claimed discussions with Binance about a potential U.S. dollar-backed stablecoin. The controversy stems from a report suggesting that WLFI, ...

14 hours ago

>> Court Sentences Crypto Personality to Prison Over Multi-Million Dollar Fraud

In a significant ruling, a federal court sentenced Brooklyn-based podcaster and crypto personality, Thomas John Sfraga, known as "TJ Stone," to 45 months in prison for orchestrating a wire fraud scheme involvin...

a day ago

>> Bloomberg's McGlone Predicts Steep Bitcoin Plunge Amid Rising Gold Interest

Bloomberg analyst Mike McGlone warns that Bitcoin could plummet to $10,000, marking an 88% decline from current levels, as investor preference shifts from cryptocurrencies to gold. McGlone suggests that Bitcoin...

a day ago

>> UK Bitcoin Controversy: NCA Officer Faces Charges in High-Profile Theft Case

A UK National Crime Agency (NCA) officer, Paul Chowles, has been charged with the alleged theft of 50 Bitcoin in 2017, valued then at around $75,000 but now worth over $4.2 million. The Crown Prosecution Servic...

a day ago

All the latest crypto news in one place

Stay informed and up-to-date on the market's latest news with our Terminal's News Aggregator with curated news articles and analysis from over 50 sources, including the crypto's biggest publications.

Launch Terminal