12 August 2025
The Securities and Exchange Commission (SEC) Nigeria has intensified its call for complete transparency in cryptocurrency transactions as part of efforts to combat fraud and protect investors in the country’s rapidly growing digital asset market.
Speaking at a stakeholders’ engagement in Abuja, SEC representatives emphasised that the anonymity often associated with crypto dealings creates loopholes exploited by fraudsters, making stricter disclosure measures necessary. The regulator proposed mandatory reporting frameworks for all crypto service providers, including exchanges and wallet operators, to ensure traceability of transactions.
The commission further noted that the move aligns with global best practices aimed at safeguarding the financial system from illicit flows and money laundering risks. It assured industry players that while the new measures would promote accountability, they would also foster a secure and sustainable digital asset ecosystem in Nigeria.
The SEC pledged to work closely with fintech operators, law enforcement agencies, and international partners to ensure effective implementation once the policy is adopted.
