cryptojournalist
New Rules for Crypto Marketing
The Nigerian Securities and Exchange Commission (SEC) has introduced stricter rules for marketing digital assets, focusing on crypto service providers and influencers. Under the updated guidelines, virtual asset service providers (VASPs) must get approval from the SEC before hiring third-party marketers. These marketers must also follow SEC rules when promoting crypto products.
These changes apply to any VASP offering services to Nigerian residents and will take effect on June 30, 2025.
Regulating Crypto Influencers
The new rules also target the growing influence of social media personalities, known as “Finfluencers,” who promote cryptocurrency. These influencers must now get authorization from the SEC before posting any crypto ads. They are also required to confirm that the company they’re promoting is licensed by the SEC and disclose if they’re paid for the promotion.
Failure to follow these rules could lead to heavy fines or even jail time. The SEC is committed to monitoring these ads closely to ensure compliance and will take action against any violations.
Cracking Down on Unregulated Crypto Platforms
Currently, only two crypto exchanges are fully regulated in Nigeria. The SEC has granted provisional licenses to Quidax Technologies and Busha Digital to operate as registered exchanges. The SEC has also warned that it will begin cracking down on unregulated platforms offering crypto services to Nigerians.
