Original sourceHCNTimes
Summary
Nigeria's SEC issued proposed rules on August 20 to strengthen crypto custody and consumer protection. Key requirements include: Digital Asset Exchanges (DAX) and Custodians (DAC) must segregate customer funds from proprietary funds, with separate wallets or precise internal ledgers for each custom…
Key points
- Nigeria's tightening regulations require crypto firms to prepare compliance early.
- Nigeria's proposed strict custody rules will impact Africa's largest crypto market.
- Crypto exchanges will bear higher compliance costs, but consumers gain stronger protections.
Editorial note
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