Nigerian authorities to develop legal standards for cryptocurrencies

The Nigerian Ministry of Finance, together with the National Securities and Exchange Commission (SEC), will develop a legal framework for cryptocurrencies and blockchain technology. This was reported by the local publication Business Day.

The ministry’s adviser Armstrong Takang stated that authorities see opportunities for developing the cryptocurrency industry in the country. In his words, sensible regulation will benefit all participants in the community.

The Nigerian Ministry of Finance also plans to reflect in legislation the possibilities of conducting cross-border transactions with digital assets. In this, the agency is aided by the Customs Service and the Ministry of Industry.

Earlier in 2017, representatives of the Central Bank of Nigeria acknowledged that they could not control or regulate Bitcoin and blockchain.

In September 2020, the Nigerian SEC equated cryptocurrencies to securities.

Subscribe to ForkLog news on Facebook!