Nigeria currently the 3rd user country of cryptocurrencies after the United States and Russia, is working on an evolution of the regulations concerning cryptocurrencies.

The SEC, the government body in charge of capital market regulation in collaboration with the Central Bank is evaluating a regulatory guideline for cryptocurrency trading. This was said last weekend by SEC CEO Lamido Yuguda, on the sidelines of a virtual conference.
According to Lamido Yuguda, the aim of the ongoing discussions is to better understand and regulate the cryptocurrency market in the country. He indicated that the fruit of these exchanges will be disclosed later and that in the meantime, the SEC is suspending the implementation of its September 2020 guidelines on digital assets, their classification and their treatment. These guidelines were issued to “protect investors and create standards for ethical practices” in a growing industry.