In June, the SEC updated its regulations to better oversee cryptocurrency platforms and exchanges and improve monitoring of digital asset trading.
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By treating Bitcoin and Ether as commodities, Nigerian regulators can establish a more tailored regulatory framework that reflects the unique characteristics of these digital assets.
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While this application process is intended to improve compliance, VASPs are directed to complete it no later than 30 days from the circular date.
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Due to the rapid decline of the naira and the resulting almost three-decade-high inflation rate of 29.9%, the government turned its focus to platforms providing cryptocurrency services.
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