The newly enacted Investments and Securities Act, 2025 (ISA 2025) has made it illegal to operate digital asset exchanges or online foreign exchange trading platforms without formal registration with the Securities and Exchange Commission (SEC).
Signed into law by President Bola Tinubu, ISA 2025 significantly strengthens the regulatory framework governing Nigeria’s capital market, with a particular focus on digital finance.
In a statement released over the weekend, the SEC clarified that, in accordance with the new law, it is now an offence for any entity to operate an online forex trading platform or provide related services without prior registration with the Commission.
“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.
“Any business entity with the plan of setting up a business in any of this area is advised to visit the HOD DRM Department of the Commission for further directive on how to register with the Commission to avoid sanctions”, the Commission added.
