Nigeria has put forward a significant legislation design that will further facilitate cryptocurrency adoption in the country with over 200 million inhabitants.
Why this matters:If the Investments and Securities Act, 2007 (Amendment) Bill passes, the Nigerian securities and exchange commission (SEC) will recognize cryptocurrencies and other digital assets as capital for investment.
- Babangida Ibrahim, Chairman of the House of Representatives Committee, shared in an interview with local media outlet Punch, that the proposed bill will specify the roles of the Central Bank of Nigeria and the country’s SEC in regard to cryptocurrencies.
- Ibrahim stated that the bill is not a complete shift away from restrictive laws in place, only a review of what could be done within the current legal framework. However, he does believe that Nigeria must keep up with global economic innovations.
- Notably, the Nigerian Export Processing Zones Authority (NEPZA) stated in a press release in September that it considered partnering with crypto exchange Binance to create a virtual free zone to promote economic growth.?