Nigeria’s SEC Eyes Bitcoin Rules Amid Crypto Lawsuit

In a potential shift in the country’s stance on digital assets, the Nigeria Securities and Exchange Commission (SEC) has indicated a cautious willingness to regulate Bitcoin. This comes as a prominent Nigerian Bitcoin advocate files a lawsuit challenging the government’s restrictions on cryptocurrency.

Nigeria SEC Considers Crypto Regulation

Dr. Momotimi Agama, the SEC’s Director General, has revealed that the agency is open to creating regulatory frameworks for Bitcoin. Historically cautious, the SEC’s focus on investor protection and market integrity will guide any new regulations. Agama emphasized the importance of crypto education in integrating digital assets into Nigeria’s financial system.

“For us, it’s all about making people understand and get more educated about cryptocurrency trading and digital asset trading. There are opportunities around it, so let’s look at these opportunities while ensuring compliance with our regulations,” Agama stated on a local TV program.

Legal Challenge to Crypto Restrictions

Shortly after Agama’s comments, Bitcoin advocate James Otudor filed a lawsuit against key government officials, including the president, finance minister, and attorney general. Otudor’s lawsuit challenges the Central Bank of Nigeria’s (CBN) stringent measures against cryptocurrency transactions, which have created a hostile environment for crypto users and businesses in Nigeria.