The Securities and Exchange Commission has declared plans to integrate blockchain because it will enable improved regulatory efficiency together with greater security and transparency.

Regulatory authorities from the SEC issued warnings to Nigerians about the risky investment schemes operated by unlicensed cryptocurrency platforms Risevest and Stecs.

Nigeria's booming cryptocurrency market, with transactions worth billions of dollars weekly, is facing increased regulatory scrutiny as authorities aim to balance innovation with financial stability and consumer protection, addressing concerns over money laundering and fraud.