Nigeria issued rules to regulate the market for digital assets, which were previously banned

Home / Nigeria issued rules to regulate the market for digital assets, which were previously banned

Nigeria issued rules to regulate the market for digital assets, which were previously banned

posted on May 15, 2022 by in Blockchain

The Securities and Exchange Commission of Nigeria (SEC) has published new rules for issuing and holding digital assets.
The documents set out the rules for the issuance of digital assets, classifying them as securities subject to SEC regulation. According to the document, digital asset providers, exchanges and custodians will have to obtain registration from the regulator.
Last February, the Central Bank of Nigeria (CBN) issued a letter requiring the country’s regulated financial institutions to immediately close accounts related to cryptocurrency activity.
“The rules could act as a precursor to a surprise move by the central bank to change its approach, creating a critical foundation for the massive adoption of cryptocurrency across the country,” Owen Odia, regional manager of the cryptocurrency exchange Luno, said in an interview with Bloomberg.

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