SEC issues regulations governing transactions in cryptocurrency, NFT, other digital assets – Nairametrics

SEC issues regulations governing transactions in cryptocurrency, NFT, other digital assets – Nairametrics


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The Securities and Exchange Commission (SEC) has released new rules for Digital Assets as part of its effort to regulate digital/virtual assets such as Bitcoins and NFTs.
This is contained in a recently released document titled, “New Rules on Issuance, Offering Platforms, and Custody of Digital Assets” essentially legalizing digital assets such as cryptocurrencies in Nigeria.
Recall when Nairametrics reported the SEC Director-General’s declaration in September 2021 that a department had been established to investigate the crypto market.
Digital Asset Players will now include Digital Asset Offering Platforms (DAOPs), Digital Asset Custodians (DACs), Virtual Assets Service Providers (VASPs), and Digital Assets Exchange (DAX).
The Rules apply to all platforms that support the trading, exchange, and transfer of virtual assets; all issuers and sponsors of virtual/digital assets, including international and non-residential issuers and sponsors; and any operator that aggressively targets Nigerian investors.
The new regulation creates roles for different players in the digital asset space, each playing a key role in the new sector.
Download the regulations here.
Dereva
Gombe
This is the best news this year, Emefiele doesnt know left from right…
I am happy with this development.
This is completely unacceptable with such hight cost of registration fee. Nigeria continues to cheese out investors and innovators out of it corridor of doing business.
Huh?! Where did you see registration fee?!
Kudos to SEC for a dynamic inclusion which has given legitimacy to this cutting age financial instrument of the 21st century.. I am sure the CBN will tag along too with its own aspects of the rules to compliment sec so that Nigeria can have a water tide Regulatory regime on crypto I can see light at the end of the tunnel.
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May 15, 2022 at 04:05AM