The Nigerian market regulator has published regulations on cryptoactive assets

The Nigerian market regulator has published regulations on cryptoactive assets

Nigeria’s market regulators have produced a set of digital asset regulations, indicating that the country is attempting to strike a balance between outright bans on crypto-assets and their unregulated use.

The Nigerian market regulator has published regulations on cryptoactive assets

The 54-page paper outlines the registration requirements for digital asset issuers and custodians, as well as classifying the assets as securities subject to SEC regulation.

On its website, the Securities and Exchange Commission of Nigeria (SEC) announced the “New Rules on Issuance, Offering Platforms, and Custody of Digital Assets.”

Unless the commission issued a “no objection” finding, no digital asset exchange would be able to support asset trading.

The country’s Central Bank last year banned banks and financial institution from dealing in or facilitating transactions in digital currencies.

A digital assets exchange will be required to pay 30 million naira ($72,289) as a registration fee, among other fees.

However, Nigeria’s young, tech-savvy population eagerly adopted cryptocurrencies, for instance, using peer-to-peer trading offered by crypto exchanges to avoid the sector ban.

In October, Nigeria launched a digital currency, the eNaira, in the hope of expanding access to banking. Official digital currencies, unlike cryptocurrencies such as bitcoin, are backed and controlled by the central bank.

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