Nigeria opens door to stablecoin businesses
Stablecoins seen as key to Nigeria’s crypto future but require balanced national security safeguards.
Nigeria’s top markets regulator is open to stablecoin ventures to revive the digital asset sector after last year’s Binance crackdown. At the Nigeria Stablecoin Summit, SEC Director-General Emomotimi Agama highlighted support for firms following evolving regulations.
He envisions Nigeria becoming a stablecoin hub in the global south, powering cross-border trade across Africa within five years.
The SEC has already onboarded stablecoin-focused companies through its regulatory sandbox, reflecting a broader strategy to lead digital innovation. Agama acknowledged stablecoins as vital to the crypto ecosystem but warned of national security risks, underscoring the need for careful regulation.
His comments come following the high-profile arrest and release of Binance executive Tigran Gambaryan amid Nigeria’s previous crypto crackdown.
While the new stance suggests a regulatory easing, experts caution that rebuilding trust with global firms will take time. Industry leaders stress the need for clear legal frameworks, reliable fiat access, and consistent enforcement to attract investment and restore liquidity.
Nigeria’s path to becoming a stablecoin hub hinges on sustained policy stability and meaningful re-engagement with crypto players.
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