The Securities and Exchange Commission (SEC) has announced that all fintechs, cryptocurrency firms, and exchanges operating without registration are illegal. This statement follows the recent signing of the Investments and Securities Act 2024 into law by President Bola Tinubu, making registration mandatory for all digital platforms.
Dr. Emomotimi Agama, the SEC’s Director General, emphasized that registration is essential for regulation and warned that failure to register constitutes a violation. The SEC aims to fast-track the licensing of digital assets to create a robust fintech ecosystem while protecting investors from fraudulent schemes.
The agency’s renewed focus on compliance comes after previous challenges faced by the cryptocurrency sector, underscoring its commitment to safeguarding investors and ensuring market integrity.
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