Nigeria’s Crypto Regulatory Bill: Harnessing the Power of Digital Assets.
Nigeria's cryptocurrency industry is backing a new bill that aims to crack down on Ponzi scheme operators and other illicit activities. The proposed Investment and Securities Bill (ISB) 2024, put forward by the Nigerian Securities and Exchange Commission (SEC), suggests a 10-year jail term and a fine of approximately $12,000 (20 million naira) for convicted operators.
This bill has been welcomed by stakeholders in the Nigerian crypto community, who believe it will help curb the activities of scammers and bad actors that have given the industry a bad name. Currently, Nigeria's crypto space is plagued by fake influencers and investment gurus who dupe citizens, but this bill is expected to serve as a deterrent.
Key Benefits of the Bill:
- Improved Investor Confidence: The bill's passage will boost investor trust in the market.
- Increased Transparency: The bill will foster transparency in Nigeria's financial market.
- Modernization: The bill will help modernize Nigeria's financial market.
Nathaniel Luiz, CEO of Flincap, praised the proposal, saying it will rid the industry of bad actors. Web 3 analyst Rume Ophi believes the bill will make criminals think twice before engaging in Ponzi schemes and crypto investment scams.
Nigeria is the leading African country in crypto adoption, but its reputation has been marred by scams. The bill aims to change this narrative and make cryptocurrency a viable investment option.