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Home»Taxes & Regulation»Nigerian SEC warns influencers of new 3 year jail term for promoting ‘unlicensed’ crypto
Taxes & Regulation

Nigerian SEC warns influencers of new 3 year jail term for promoting ‘unlicensed’ crypto

December 22, 2024No Comments2 Mins Read
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The Nigerian Securities and Exchange Commission (SEC) has recently implemented stricter regulations aimed at influencers promoting crypto-related products without proper transparency. This move comes in response to concerns about financial influencers endorsing unauthorized digital asset investments to unsuspecting investors.

Under the new framework, influencers are required to ensure that their crypto clients are licensed by the SEC before endorsing any products or services. Additionally, all promotional content must be clearly labeled as sponsored to provide transparency to consumers. Failure to comply with these rules could result in severe penalties, including fines of at least 10 million Naira (approximately $7000), imprisonment of up to three years, or both.

Furthermore, influencers are now mandated to use simple language in their promotions and to avoid using technical jargon, ambiguous terms, or exaggerated promises that could mislead potential investors. The SEC emphasizes the importance of promoting responsible financial practices and avoiding claims that could confuse or mislead consumers.

The Nigerian SEC’s decision to crack down on influencer promotions aligns with global trends in crypto regulation. Countries like the United Kingdom and France have also introduced measures to regulate crypto promotions and ensure compliance with legal standards.

In addition to influencer regulations, the SEC has also increased oversight on Virtual Asset Service Providers (VASPs) operating in Nigeria. These firms are now required to register with the SEC and adhere to strict governance, financial, and reporting standards. They must also submit regular trading data, compliance reports, and audited financial statements to ensure transparency and accountability in the crypto ecosystem.

See also  SEC launches Cyber and Emerging Technologies Unit, replaces Crypto Assets and Cyber Unit

Furthermore, the SEC has prohibited the issuance or promotion of anonymity-enhanced cryptocurrencies, signaling a commitment to safeguarding investors and promoting responsible practices in the crypto industry.

These updated regulations are set to take effect in June 2025, marking a significant shift towards greater transparency and investor protection in Nigeria’s evolving crypto landscape. With these measures in place, the SEC aims to create a more secure and regulated environment for crypto investments in the country.

Crypto Influencers jail Nigerian promoting SEC term unlicensed warns Year
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