The Most Important Developments in the Regulation of Technology in Nigeria For the Year 2022 – Tekedia
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As the year 2022 enters its last quarter, it is important to take stock of the several developments that have occurred so far towards the regulation of Technology in Nigeria in the absence of a dedicated piece of legislation.
This article will focus on highlighting the most important pieces of legislation and Regulatory Framework development that has so far taken place this year in Nigeria.
These developments are as follows:-
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One major introduction of these guidelines is the Regulatory requirement for all OFIs to have appointed Chief Information Security Officers (CISOs) .
What this now means is that the NDPB now has overall Regulatory jurisdiction over everything related to Data Protection Compliance in Nigeria.
The guidelines also provide for the creation of a CBN Open Banking Registry (OBR) for the purpose of more focused Regulatory monitoring by regulators.
a). Digital Asset Exchanges(DAX)
b). Digital Asset Offerings Providers (DAOP)
c). Digital Asset Custodians (DACs)
d). Virtual Asset Service Providers (VASPs)
The most notable of such measures was the development by the inter-agency Joint Regulatory & Enforcement Task Force of a Limited Interim Regulatory/Registration Framework & Guidelines For Digital Lending 2022 .
As a result of this, Telecommunications companies & Payment Service Providers (PSPs) among others have been warned to cease & desist server/hosting or other main services to lenders that are the focus of investigations related to sharp business practices.
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