Nigeria Courts Stablecoin Firms, Marking a Shift From Binance Crackdown
Main Idea
Nigeria's SEC signals openness to stablecoin businesses, marking a shift from its earlier crackdown on Binance, as part of efforts to foster a regulated digital asset ecosystem.
Key Points
1. Nigeria’s SEC director-general announced the country is open to stablecoin ventures that comply with regulatory standards, during the Nigeria Stablecoin Summit.
2. The shift follows a 2024 crackdown on Binance amid the naira losing nearly 70% of its value, with young Nigerians turning to dollar-backed stablecoins for stability.
3. The SEC has onboarded firms working on stablecoin applications within its regulatory sandbox, aiming for a Nigerian stablecoin to power cross-border trade in Africa.
4. The Central Bank of Nigeria approved the launch of the cNGN, a naira-pegged stablecoin, reflecting a shift in regulatory sentiment.
5. The recently enacted Investment and Securities Act (ISA 2025) supports Nigeria’s strategy to revive and regulate its crypto market.
Description
Nigeria has thrown open its doors to stablecoin businesses, marking a major policy pivot over a year after its crackdown on crypto giant Binance rattled the country’s digital asset ecosystem. Emomotimi Agama, director-general of Nigeria’s Securities and Exchange Commission (SEC), announced the shift on Thursday during the Nigeria Stablecoin Summit in Lagos, local outlet The Cable reported . Speaking at the event hosted by the Africa Stablecoin Network, Agama said Nigeria would welcome stablecoin...
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