SEC warns digital asset firms, online forex platforms as ISA 2025 bans unregistered operators
BY TEMITOPE ADEBAYO
The Securities and Exchange Commission (SEC) has declared that under the newly enacted Investments and Securities Act, 2025 (ISA 2025), any digital asset exchange or online foreign exchange trading platform operating without registration is now illegal in Nigeria.
Signed into law by President Bola Ahmed Tinubu, the legislation introduces a sweeping overhaul of Nigeria’s capital market rules, tightening oversight on digital finance platforms that have operated largely unchecked until now.
The SEC, in a statement over the weekend, warned all operators to regularise their status or face sanctions.
According to the Commission, Section 3(3)(b) of ISA 2025 grants it explicit authority to regulate securities exchanges, commodity exchanges, virtual and digital asset platforms, and other trading venues, ending years of regulatory ambiguity that had left investors exposed to unregulated operators.
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SEC Director General Dr. Emomotimi Agama described the law as a turning point for Nigeria’s financial markets, stating that the Act offers the Commission clear powers to enforce compliance and safeguard investors in the growing digital finance ecosystem. Agama emphasised that innovation would continue to be welcomed, but only within a tightly supervised framework that secures market stability and protects investor interests.
The Commission urged businesses looking to venture into digital assets or online forex services to approach its Digital Risk Management Department for guidance on registration, noting that full compliance is now a legal necessity.
