Abuja, April 15, 2025 – Naija247news – The Securities and Exchange Commission (SEC) has announced that operating digital asset exchanges or online foreign exchange trading platforms without proper registration is now illegal in Nigeria under the Investment and Securities Act (ISA 2025).
Thank you for reading this post, don't forget to subscribe!This new regulation was disclosed in a statement issued by SEC on Sunday, following the assent of President Bola Tinubu to the ISA 2025, which repealed the previous ISA 2007.
The SEC emphasized that any business entity involved in online foreign exchange trading or related services without being officially registered with the commission will be subject to sanctions. The statement urged businesses intending to operate in these areas to seek guidance from SEC on the necessary steps to achieve compliance and avoid penalties.
“While we welcome innovations, they must operate within a regulated environment that ensures investor protection and preserves the integrity of the market,” the SEC statement read.
The SEC also highlighted the importance of stakeholders within the financial and investment ecosystem understanding and complying with the new provisions of the ISA 2025 to avoid violations
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