The Nigerian Security and Exchange Commission (SEC) highlighted that many Nigerian youths are increasingly adopting cryptocurrencies due to the secretive nature of transactions.

Dr. Emomotimi Agama, SEC's Director-General, emphasised this during a conference, noting that despite calls for regulation, crypto oversight is still evolving globally, including in the United States.

Agama pointed out that over 15,000 cryptocurrencies exist, with Bitcoin (CRYPTO:BTC) being the most popular.

He underscored the need for educating investors about the risks associated with digital assets while acknowledging the challenges in regulating the crypto market effectively.

Meanwhile, stakeholders like the Senate Committee on Capital Market stress the importance of robust regulation to protect investors from fraud and to harness the potential benefits of the crypto market in Nigeria.