Nigeria Seeks to Legalize Crypto as Investment Capital

Nigeria’s House of Representatives will soon pass into law a bill that legalizes digital assets as capital for investment, Babangida Ibrahim, the local chamber’s Chair for the Committee on Capital Market and Institutions, told local media The PUNCH.

Ibrahim said the Investments and Securities Act 2007 (Amendment) Bill has scaled the second reading in the lower chamber and will permit, upon passage and signing into law, the Nigerian Securities and Exchange Commission (SEC) to recognize cryptocurrency as capital for investment.

The Bill, which seeks to establish the Nigeria SEC as the apex regulatory authority of the Nigerian capital markets, will also define the role of Nigeria’s apex monetary authority, the Central Bank of Nigeria, in relation to cryptocurrencies. Furthermore, the

Bill is one of several amendment proposals before the House seeks to make reforms to the country’s capital markets