The Federal Government has mandated that all cryptocurrency vendors must register their crypto trading with CAC with at least N100m share capital and also be regulated by SEC, or they will face legal consequences.
This directive was highlighted by CAC Ambassador Micheal Nwabufo, also known as Mike Premium, who is also the PCCSIGN president, following his meeting with Tokoni Igoin, the Special Assistant to the President on ICT
Development and Innovation.
During the meeting, Mike Premium voiced concerns about the challenges faced by Nigerian customers who are often scammed by unregulated cryptocurrency vendors operating in the country. He also noted that content creators have suffered significant backlash and lost followers due to their association with these unscrupulous vendors.
Tokoni goin expressed his dissatisfaction with the current situation and emphasized that cryptocurrency vendors must be regulated by the Securities and Exchange Commission (SEC), as running a financial institution without proper regulation is a punishable offense. He warned that offenders would face legal action if caught and that he will issue an official memo soon.
Mike Premium has committed to assisting the Special Assistant to the President on ICT Development and Innovation in ensuring that cryptocurrency vendors comply with government regulations. Also, content creators and influencers should ask for SEC regulatory and CAC documents before advertising for these crypto vendors or also face the law.
@PCCSIGN will be posting trusted and regulated vendors for the general public to trade with. If you have been scammed, send us an email or drop a message on our official platform @pccsign or call. For those that want to get registered with CAC and get directives on how to be regulated, you can also reach out to @pccsign.