Nigeria’s Cryptocurrency Market Set To Reach $52.5m By 2028 – SEC 

Nigeria’s cryptocurrency market is projected to grow significantly, with expectations to hit $52.5 million by 2028, according to the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama.

While this growth signals immense potential, Dr. Agama revealed that not all cryptocurrency companies applying for registration under the commission’s Regulatory Incubation (RI) and Accelerated Regulatory Incubation Programme (ARIP) would meet the necessary requirements for approval.

Speaking during a recent meeting with applicants under these regulatory windows, he emphasised that while some platforms such as Quidax and Busha have received the SEC’s approval-in-principle, many others are still under evaluation. However, he made it clear that meeting the regulatory standards will not be guaranteed for all applicants.

“Certainly, not all of them will meet the requirements. The commission will keep providing clarity to some knotty areas to assist in the process,” Dr. Agama stated.

He assured stakeholders of the commission’s commitment to transparency, fairness, and integrity in regulating Nigeria’s crypto space. Dr. Agama highlighted that the registration process goes beyond initial on boarding, involving continuous monitoring, education, and surveillance to ensure compliance and protect investor interests.

Acknowledging the anxiety within the crypto community about regulatory delays, he assured that the SEC remains deliberate in its approach to ensure thoroughness and fairness. He also stated that stakeholder input is integral to shaping regulations, promising that valid suggestions would be incorporated into the final regulatory framework.

“Registration goes beyond on boarding and registering; it requires monitoring, education, and surveillance, and all of these are continuous,” he noted.

Dr. Agama further emphasised Nigeria’s ambition to lead Africa in cryptocurrency regulation. “We are trying to ensure that at the end of the day, as a country, we will stand out in the regulation of this space. Beyond any doubt, this space is the future, and for us as Nigerians, we have embraced it.”

Looking ahead, Dr. Agama mentioned that the SEC will accelerate its processes in 2025, leveraging lessons learned from the ongoing regulatory incubation programmes. He also revealed that a new cryptocurrency regulatory law, currently awaiting Presidential assent, will serve as a comprehensive guide for operators in the sector.

This proposed law aims to address emerging challenges, including the role of crypto influencers. Under the new framework, Virtual Asset Service Providers (VASPs) must secure SEC licenses before promoting any digital assets across platforms, including social media, television, and print media. Additionally, influencers will be mandated to disclose if they are being paid for promotional activities. Failure to comply could result in fines of up to ₦10 million and jail terms of up to three years.

Nigeria’s SEC remains focused on balancing innovation with investor protection as it navigates the dynamic world of cryptocurrency. Dr. Agama assured stakeholders that the commission’s goal is to create an inclusive, transparent, and investor-friendly regulatory environment that fosters sustainable growth for the country’s crypto market.