On September 14, the National Securities and Exchange Commission of Nigeria (SEC) issued guidance onregulating cryptocurrencies by classifying them as securities.
In the message posted on the commission website,The regulator clarified that it classified virtual currencies as securities in accordance with the regulation of the 2007 Nigeria Securities and Investments Act.
The focus of the guide is on releasedigital currencies, namely Initial Coin Offering (ICO), Digital Asset Token Offering (DATO) and Security Token Offering (STO).
It is also noted that cryptocurrency trading will be regulated by:
“Any individual or legal entity whose services are relatedusing blockchain and digital assets must be registered with the Commission. Companies that accept and transfer digital currencies on behalf of other persons, investment funds that advise companies and provide wallet services will be regulated,” — written in the SEC statement.
Prior to the enactment of regulations, the regulator gives companies 3 months to submit registration documents.
It is worth noting that a committee to develop guidelines for the inclusion of cryptocurrency and blockchain technology in the country's securities market was created by the SEC in September 2019.
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