The Nigerian Securities and Exchange Commission (SEC) has issued a 30-day deadline for cryptocurrency firms to re-register under a new regulatory regime or face enforcement actions.
The SEC values the local cryptocurrency industry at $400 million and highlights the potential of cryptocurrencies to aid the 38 million unbanked citizens in Nigeria.
The head of Nigeria's SEC praised crypto for its ability to extend financial services to the unbanked population, noting that approximately 33.4% of Nigerians own or use cryptocurrencies.
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