The Nigerian Securities and Exchange Commission (SEC) has tightened regulations on crypto marketing, requiring virtual asset service providers (VASPs) and social media influencers to obtain prior approval for promotions. Influencers must verify the licensing of promoted companies and disclose any payments received, with penalties for non-compliance including fines and imprisonment. The SEC plans to enforce actions against unregulated crypto transactions, aiming to curb unauthorized financial promotions in the country.
