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<p>Nigeria’s Securities and Exchange Commission (SEC) is set to enhance enforcement measures against cryptocurrency exchanges and entities that are functioning outside its regulatory framework, according to local reports.</p>
<p>This initiative is part of the SEC's larger vision to safeguard investors and uphold market integrity within the expanding digital asset landscape, which is anticipated to grow to $52.5 million by 2028.</p>
<h2>Ensuring Regulatory Compliance</h2>
<p>In a statement issued on September 8, SEC Director-General Emomotimi Agama emphasized the regulator’s dedication to ensuring that all market participants adhere to the set regulations.</p>
<p>Agama remarked:</p>
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<p>“We will soon initiate enforcement actions against those who operate in this market without following regulatory guidelines. Any entity unwilling to comply will not be permitted to continue operations.”</p>
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<p>He highlighted the commission's focus on fostering transparency, implementing anti-money laundering (AML) procedures, and combating the financing of terrorism (CFT) in the digital asset sector.</p>
<p>Furthermore, Agama reassured stakeholders that the SEC’s aim is not to hinder innovation but to cultivate a structured environment where new technologies can develop sustainably. He mentioned that the regulatory efforts seek to balance innovation with investor protection.</p>
<h2>Recent Regulatory Actions</h2>
<p>The SEC’s recent initiatives follow the approval of two local crypto exchanges, Quidax and Busha, which received the first-ever approval-in-principle to operate under the commission's oversight.</p>
<p>These exchanges are currently the only ones legally functioning under the SEC's regulations. However, Agama indicated that numerous other applications are under review, and exchanges must satisfy stringent criteria to gain approval.</p>
<p>In addition to Quidax and Busha, the SEC has welcomed four firms into its Regulatory Incubation (RI) Program, allowing them to develop and test their platforms under regulatory supervision.</p>
<p>These regulatory actions come on the heels of legal measures taken against international exchanges, such as Binance and OKX, which have ceased operations in Nigeria due to non-compliance with local regulations.</p>
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