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In Nigeria, virtual currencies are ruling the roost and have become part of everyday life. The latest reports indicate that thirty-four million people use cryptocurrencies for their transactions., of the over 200 million people there Now, the Securities and Exchange Commission chose to regulate the digital asset market
In Nigeria, virtual currencies are ruling the roost and have become part of everyday life. The latest reports indicate that thirty-four million people use cryptocurrencies for their transactions of the over 200 million people there. Now, the Securities and Exchange Commission chose to regulate the digital asset market.
Nigeria’s market regulator has published a set of regulations for digital assets trying to find a middle ground between an outright ban on crypto-assets and their unregulated use. However, Nigeria’s central bank last year banned banks and financial institutions from dealing in or facilitating transactions in digital currencies.
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But the country’s young, tech-savvy population has eagerly adopted cryptocurrencies. Nigeria’s Securities and Exchange Commission (SEC) published the “New Rules on Issuance, Offering Platforms and Custody of Digital Assets” on its website. The 54-page document lays out registration requirements for digital assets offerings and custodians and classifies the assets as securities regulated by the SEC.
