The newly enacted Investments and Securities Act, 2025 (ISA 2025), signed into law by President Bola Ahmed Tinubu, has made it a criminal offence to operate digital asset exchanges or online foreign exchange (forex) trading platforms in Nigeria without formal registration with the Securities and Exchange Commission (SEC).
In a statement issued over the weekend, the Commission clarified that entities engaging in such activities must now comply with new registration requirements outlined in the law.
“By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the Commission to carry out the business of online foreign exchange trading platforms or related services,” the SEC stated.
The Commission advised any business planning to operate in this space to approach the Department of Registration, Market Infrastructure and Innovation (DRM) at the SEC for guidance on how to properly register.
The new law broadens the SEC’s regulatory powers, with Section 3(3)(b) of ISA 2025 empowering the Commission to “register and regulate securities exchanges, commodity exchanges, virtual and digital asset exchanges, and other market venues.”
Describing the Act as a “landmark step,” the Director General of the SEC, Dr. Emomotimi Agama, said the legislation positions Nigeria’s capital market to be more inclusive and aligned with global best practices.
“The ISA 2025 has given the Commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online forex platforms,” Dr. Agama stated.
While reaffirming the SEC’s commitment to supporting innovation, the DG emphasized that such innovation must take place within a well-regulated environment to safeguard investors and uphold market integrity.
“With ISA 2025 now in force, stakeholders in the financial and investment ecosystem are advised to familiarize themselves with its provisions and ensure full compliance,” the SEC concluded.
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