The Securities and Exchange Commission (SEC) is set to launch the ‘Crypto Smart, Nigeria Strong’ initiative to engage developers in co-creating a framework for stablecoin regulations.
Emomotimi Agama, director-general (DG) of the SEC, announced while delivering a keynote speech at the 2025 Decentralised Finance (DeFi) event in Lagos.
Agama said the commission is not out to fight DeFi but is working to attract credible players, enhance investor education and improve digital literacy, as it believes responsible DeFi can thrive in a regulated environment.
“This is why the SEC is launching a Crypto Smart, Nigeria Strong initiative, targeting young investors across schools, universities, and social media, teaching. It aims to cover basic blockchain principles, how to spot scams, and the value of long-term investing,” the DG said.
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“The future of Nigeria’s digital assets ecosystem depends on three pillars: Collaboration, Innovation, and Trust. The road we see ahead is regulatory evolution through an expanded licensing regime. We are enhancing our licensing architecture to make it more efficient, more transparent and more risk-based.
“Our goal is to attract credible operators while shutting out bad actors by streamlining application timelines, introducing tiered VASP licenses, and incorporating automated compliance monitoring.
“We are actively exploring a framework for Naira-pegged stablecoins. These will be fully backed by verifiable reserves, audited regularly by independent custodians, and used for cross-border trade, payments, and programmable finance. Having a framework will allow digital asset innovation to serve real-world economic activity, not just speculation.”
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‘65% OF NIGERIA’S CRYPTO USERS UNDER 35’
Agama said Nigeria’s digital assets industry has seen a major boom, with over 65 percent of cryptocurrency users in the country under the age of 35.
“These are digital natives, many of whom are financially excluded or underserved by traditional banking. For them, digital assets represent not just speculation but empowerment, a means to save, invest, transact, and create wealth on their terms,” he said.
The DG said the commission is reviewing pathways for digital asset exchange traded funds (ETFs), custodial wallets for pension funds, with Nigeria’s pension fund assets capped at N16 trillion, and licensed asset managers offering tokenised securities to institutional investors.
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