Nigeria Opens Market to Stablecoin Companies, Emphasizing Regulatory Compliance
Abuja, July 25 (Xinhua) – Nigeria is ready to open its market to stablecoin companies, provided that they comply with its regulations, Emomotimi Agama, director general of the Securities and Exchange Commission, announced on Thursday.
During a summit on capital markets in Lagos, Agama highlighted the dynamic and decentralized nature of Nigeria’s digital economy. He emphasized the crucial role stablecoins play in enabling secure and borderless transactions.
Agama noted that individuals, traders, and businesses across the continent are increasingly using stablecoins. This trend is driven by a need to hedge against volatility, significantly amplified by fluctuations in the Nigerian naira.
He stressed the importance of developing an African-centric regulatory framework.Localized solutions are needed to address the continent’s specific market conditions and development priorities.
addressing concerns that regulations might stifle innovation, agama explained that Nigeria’s regulatory environment continues to attract interest from both local and international startups. The commission has integrated companies focused on stablecoin applications while ensuring adherence to risk management principles.
Nigeria envisions Lagos becoming a important hub for stablecoins in the Global South. This initiative aims to attract global capital and foster development in the digital financial landscape.
Evergreen Insights
Nigeria’s move to embrace stablecoins reflects a broader global trend of central banks and financial regulators exploring the potential of digital assets. The country’s focus on regulatory compliance and localized solutions aims to balance innovation with financial stability. This approach could position Nigeria as a leader in
