Nigeria’s SEC Adopts Blockchain Is This the Future of Crypto Regulation?

The post Nigeria’s SEC Adopts Blockchain Is This the Future of Crypto Regulation? appeared first on Coinpedia Fintech News

Nigeria’s crypto scene took a big hit last year. The government banned unlicensed crypto platforms, causing panic among investors. Things got even messier when two Binance executives were detained, with one of them, Tigran Gambaryan, jailed until the U.S. government intervened to secure his release in October. This legal crackdown sent shockwaves through Africa’s largest economy, leading to a 38% drop in stablecoin usage, shrinking the volume to $23.6 billion, according to Chainalysis.

However, things are starting to look up. With global pressure to adopt crypto-friendly rules, Nigeria is shifting its stance. Emomotimi Agama, the director general of Nigeria’s Securities and Exchange Commission (SEC), is now a strong supporter of blockchain technology. He believes blockchain can boost efficiency and improve how Nigeria regulates its capital markets. This technology could help tackle key issues like financial exclusion and inefficiencies in both public and private sectors—problems that have long plagued African economies.