Nigeria’s president signs law classifying crypto as securities: report

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Crypto Chaos: Nigeria’s President Takes the Plunge! 💸

Well, darlings, it seems Nigeria’s very own President Bola Tinubu has decided to don his regulatory cape and signed a rather riveting new law! Yes, indeed, cryptocurrencies are now officially classified as securities. Who knew digital coins could be so… formal? 🎩

In a move that would make even the most seasoned bureaucrat blush, President Tinubu has waved his magic wand over the Investments and Securities Act 2024, replacing the rather ancient ISA 2007 Act. Now, the Nigerian Securities and Exchange Commission (SEC) has been granted the delightful task of overseeing the wild world of crypto exchanges. One can only imagine the tea parties they’ll have discussing Bitcoin! ☕️

But wait, there’s more! This new act doesn’t just stop at crypto; it also brings down the hammer on those pesky Ponzi schemes. If you’re caught running one of those charming little scams, you could be looking at a decade behind bars and a fine that would make even the most extravagant socialite gasp—N10 million (about $6,500). And if you’re particularly naughty, the penalties could soar to a staggering N40 million (around $26,000). Now that’s what I call a hefty price for a bit of mischief! 😏

Now, let’s not forget the tech-savvy Nigerians who have turned to cryptocurrencies like a moth to a flame, all in a bid to shield themselves from the horrors of high inflation and the naira’s dramatic tumble against the dollar. According to the ever-reliable Chainalysis, the country has raked in a jaw-dropping $59 billion in crypto value between July 2023 and June 2024. Quite the financial soirée, wouldn’t you say? 💃

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Since his grand entrance into office in 2023, President Tinubu has been on a mission to sprinkle some fiscal fairy dust over the government’s revenue and tackle that pesky budget deficit. With this new regulation, Nigeria is finally joining the ranks of the civilized world, aligning itself with the European Union’s Markets in Crypto-Assets. Bravo, Mr. President! Now, let’s see if we can keep the crypto party from turning into a complete circus! 🎪

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2025-04-03 13:39