{"id":32350,"date":"2020-11-25T16:56:10","date_gmt":"2020-11-25T14:56:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=32350"},"modified":"2025-08-28T08:10:56","modified_gmt":"2025-08-28T05:10:56","slug":"nigerian-authorities-to-develop-legal-standards-for-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/nigerian-authorities-to-develop-legal-standards-for-cryptocurrencies\/","title":{"rendered":"Nigerian authorities to develop legal standards for cryptocurrencies"},"content":{"rendered":"<p>The Nigerian Ministry of Finance, together with the National Securities and Exchange Commission (SEC), will develop a legal framework for cryptocurrencies and blockchain technology. This was reported by the local publication <a href=\\\"https:\/\/businessday.ng\/technology\/article\/ministry-of-finance-backs-secs-move-to-regulate-cryptocurrency-space-in-nigeria\/\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">Business Day<\/a>.<\/p>\n<p><!--more--><\/p>\n<p>The ministry&#8217;s adviser Armstrong Takang stated that authorities see opportunities for developing the cryptocurrency industry in the country. In his words, sensible regulation will benefit all participants in the community.<\/p>\n<p>The Nigerian Ministry of Finance also plans to reflect in legislation the possibilities of conducting cross-border transactions with digital assets. In this, the agency is aided by the Customs Service and the Ministry of Industry.<\/p>\n<p>Earlier in 2017, representatives of the Central Bank of Nigeria acknowledged that they could not control or regulate Bitcoin and blockchain.<\/p>\n<p>In September 2020, the Nigerian SEC <a href=\"https:\/\/u1f987.com\/en\/news\/nigerian-regulator-classifies-crypto-assets-as-securities\">equated<\/a> cryptocurrencies to securities.<\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian Ministry of Finance, together with the National Securities and Exchange Commission (SEC), will develop a regulatory framework for cryptocurrencies and blockchain technology. This was reported by the local publication Business Day.<\/p>\n","protected":false},"author":1,"featured_media":32351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[150,36],"class_list":["post-32350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-nigeria","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"32","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=32350"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32350\/revisions"}],"predecessor-version":[{"id":32352,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32350\/revisions\/32352"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/32351"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=32350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=32350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=32350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}