The President of Nigeria signs law classifying cripto as securities: report

The President of Nigeria Bol Tinubu signed a new law reinforcing the cryptocurri sector and classifying them as securities.

NigeriaPresident of Bol Ahmed Tinubu signed investments and securities laws 2024 to the right, classifying curves as a securities According to the Nigerian Securities and Exchange Regulatory Authority, local news report.

The new law replaces the ACS 2007 and allegedly expands the role of the SEC in the monitoring of the capital market Nigeria, including the Cripto exchange. The law also conducts more severe punishments for ponzine schemes, which are usually associated with the crypto market.

For example, they convicted to launch Ponsius schemes could face 10 years of imprisonment or more, along with a minimum fine of N10 million (about $ 6,500). Total financial penalties could pass to N40 million (about $ 26,000), depending on how much is a criminal offense.

Nigeria technology technology has turned into cryptocurrency as a way to protect against high inflation and sharp drop naires against dollars from mid 2023. Years. Toward data From Lancaalize, the country received about 59 billion dollars in the value of cryptocurnancy between July 2023 and June 2024. years.

Since he took office in 2023. year, President of Tinubo was aimed at fiscal reforms aimed at increasing government revenue and reducing the budget deficit, including the recovery of the Tax Administration. Manual regulation for regulation brings Nigeria in accordance with other regions like the European Union with their markets in crypts, which they have all moved to regulate cryptocurrency.