Rich by Coin

Nigeria’s digital finance ecosystem has recorded about $96 billion in cryptocurrency and virtual asset transactions, according to Emomotimi Agama, Director-General of the Securities and Exchange Commission. Agama disclosed this during a Citizens and Stakeholders’ Engagement Session organised by the Federal Ministry of Finance in Abuja on Monday, noting that the size of transactions within the digital asset space makes it necessary for regulators to bring the sector under proper supervision. According to him, the regulatory framework for the sector was strengthened with the enactment of the Investment and Securities Act 2025, which empowers the commission to regulate digital assets and other emerging financial technologies. The new law also reaffirmed the SEC as the apex regulator of the capital market while introducing provisions aimed at monitoring systemic risks and aligning Nigeria’s market operations with global standards.