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The Coin Rise 2025-07-26 19:21:03

Nigeria SEC Supports Stablecoin Growth with Focus on Regulation

Nigeria is making progress in the digital financial space. The Securities and Exchange Commission (SEC) has publicly expressed its support for stablecoin businesses. However, this support will only be provided if the rules governing digital assets in Nigeria are fully adhered to. This suggests that Nigeria intends to leverage blockchain technology to improve the security and efficiency of payments, particularly during economic downturns. This move signals a shift from a stringent approach towards crypto innovations in the country. SEC Supports Stablecoin Innovation with Clear Rules Speaking at the recently concluded Nigeria Stablecoin Summit held in Lagos, the Director-General of the SEC, Mr. Emomotimi Agama, shared his views on US-pegged digital currencies. He stated that stablecoins now play a crucial role in the country’s financial system. The Director-General explained that while Nigeria remains cautious about digital assets, the government is open to innovation that brings value to its people. Mr. Agama described Nigeria’s digital economy as fast-growing, young, and becoming more decentralized. He said stablecoins are not just a passing trend. They are now widely used in daily financial life, especially during periods of economic instability. Nigeria Ranks Second in Global Crypto Adoption Stablecoins, such as USDT and USDC, are digital currencies pegged to real-world assets, typically the US dollar. This makes them more stable than regular cryptocurrencies. In Nigeria, inflation and currency fluctuations are common. This has prompted many citizens to turn to stablecoins to protect the value of their money. Stablecoins are also widely used for savings, trading, and sending money across borders. A recent report by Chainalysis ranked Nigeria second in global crypto adoption. This is mainly because Nigerians use cryptocurrency for daily needs, such as sending remittances, shopping online, and making international payments. Industry Leaders Respond with Hope Many leaders in the digital finance space have welcomed the SEC’s position. Nathaniel Luz, President of the Africa Stablecoin Network, said the announcement brings long-awaited clarity. He explained that most businesses had been careful about entering the Nigerian market. However, now this support gives them more confidence. This change in approach is essential. Just last year, Nigeria took tough actions against crypto firms, including the arrest of a senior Binance official. However, while the legal case against Tigran Gambaryan was still ongoing, the government has been working to create clearer rules for the sector. These efforts also include plans for a digital asset tax system to support the country’s income. By supporting stablecoins in a regulated way, Nigeria is showing its readiness to take a leading role in the future of finance. The post Nigeria SEC Supports Stablecoin Growth with Focus on Regulation appeared first on TheCoinrise.com .

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