Our reporter/ The Securities and Exchange Commission (SEC) says the Investment and Securities Act (ISA 2025) has made it illegal for anyone to operate digital asset exchanges or online foreign exchange trading platforms without formal registration.
This is contained in a statement by SEC made available to journalists on Sunday in Abuja.
The statement reaffirmed the commission’s commitment to innovation while maintaining strict oversight.
According to SEC, it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.
“Any business entity with the plan of setting up a business in any of this area is advised to visit the commission for further directive on how to register to avoid sanctions.
”We welcome innovations, but it must occur within a regulated environment that protects investors and maintains the integrity of our market.
“With ISA 2025 now in force, stakeholders in the financial and investment ecosystem are advised to familiarise themselves with the new provisions and ensure full compliance” the SEC said.
President Bola Tinubu assented to the ISA 2025 on March 25, thereby repealing the ISA 2007.
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