The recent announcement indicates that individuals failing to comply with the new regulations may be subjected to serious penalties. In particular, non-adherence to the outlined measures can result in fines that may reach up to 10 million naira. Additionally, there is a possibility of facing imprisonment for as long as three years. These steep consequences emphasize the importance of following the new rules and highlight the commitment to regulating activities within the crypto and digital finance sectors in Nigeria. The move signals a major shift in regulatory oversight.
hey everyone, i find this move pretty interesting tbh. seems like a big gamble for not only crypto influencrs but also for the entire digital fintech scene in nigeria. do u think these heavy penalties will actually encourage more compliance or might it push some to stay off the radar? i feel like it might stir up more debate about how regulations should adapt as crypto worlds evolves. im really curious about how people in the crypto community will handle this… has anyone seen similar situations elsewhere and what was the outcome? let’s chat more about it!