CandleFocus Nigerian Crypto Industry Players Applaud Proposal to Jail Ponzi Operators
2024-11-17
Author: Content Editor
Nigeria's proposed Investments and Securities Bill, which includes jail terms for Ponzi scheme operators, has been supported by players in the crypto industry. They believe that the bill will help clean up the sector's reputation by removing fraudulent actors who use the term "crypto" to deceive investors. The bill proposes fines of up to $12,000 or 10 years in jail for convicted offenders. The Securities and Exchange Commission (SEC) hopes that the bill's passage will enhance investor confidence, foster transparency, and modernize the country's financial markets. The crypto industry in Nigeria views the bill as a way to eliminate bad actors from the industry and create a vibrant finance and investment ecosystem. The country's reputation as a haven for scammers has hindered its growth as a crypto market.
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