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Nigeria SEC to unveil new laws to regulate crypto influencers

Author: Content Editor
The Nigerian Securities and Exchange Commission (SEC) has introduced new regulations to govern the practices of crypto influencers in Nigeria. Under the new rules, all crypto platforms must obtain a license from the SEC to engage in promotional activities, including on TV, radio, social media, and print media. Crypto influencers are required to disclose any financial benefits they receive for promoting a platform or asset. Non-compliance could result in a fine of 10 million naira or up to three years in jail. The regulations will come into effect on June 30, 2025. The SEC aims to remove exploitative practices in the Nigerian crypto industry. Influencers must adhere to the rules set out by the SEC, and platforms must ensure compliance. The SEC will monitor promotional activities and impose penalties for violations. The new regulations have been seen as a positive step in ensuring integrity in the industry. Nigeria has a high crypto adoption rate, but the government's perception of crypto remains unclear.

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