Is There a Chance of Crypto Regulation in Nigeria?

Hello Everyone,

The market is still bearish and Bitcoin is holding and trying its best not to break again. I haven't written in a while, But tonight something caught my attention and I'd like to share. Tell me what you think.

Despite the Crypto Crash, Big deals are still happening. The Central African Republic accepting Bitcoin as a Legal Tender was a bold move by an African country.

I'm from Nigeria. If you follow the situation of things here, you would know that crypto-related activities are prohibited by the central banks. Even with this, over the last 10 months, there is a large increase in crypto users in the country.

I think things are about to change, Here is Why!

Nigeria’s SEC ( Nigeria Securities and Exchange Commission) has issued licenses for virtual asset service providers (VASPs) to operate in the country. What this means is that token issuance platforms will be regulated from now henceforth. Requirements for digital assets to exist will be released by the SEC soon.

Yes, it doesn't directly say crypto would be brought back into the mix, However, it just goes to prove my point that the government can't fight crypto. All they need is a form or way to regulate crypto. Currently, the Crypto World feels too big for a country like Nigeria to tackle.

In conclusion...

I feel crypto taxation might be employed to bring it alive once again. Concerning the Market, I believe it would bounce back again. The support looks great. We've not gone too far away from support.

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