Nigeria’s Federal Ministry of Finance is reportedly in talks with the country’s securities regulator to develop a new framework for blockchain and cryptocurrencies — a move that could accelerate adoption in Africa’s largest economy.
Business Day, a Nigerian market intelligence publication, reported Tuesday that the Ministry of Finance is working with the Abuja-based Securities and Exchange Commission, or SEC, to “provide a regulatory environment for blockchain” and digital assets. The publication cites Ministry adviser Amstrong Takang speaking at an industry event in Lagos on Tuesday.
Digital assets are recognized as commodities and governed by appropriate securities law in Nigeria following the SEC’s stunning edict on the matter back in September. At the time, the SEC said its role was to regulate this new asset class, not hinder adoption or innovation.
According to the SEC Nigeria: