Cryptocurrencies are securities in Nigeria

The Nigerian Securities and Exchange Commission (SEC) has approved new measures to regulate the circulation of cryptocurrenciesand assigned them the status of securities.

"A digital token represents valuable assets such as a debt obligation or the right to own a share in the capital of the company that issued the coins,"— this is the definition given by the SEC to virtual currency.

The Office has imposed several restrictions on the Initial Coin Offering:

• Creators of cryptocurrencies have the right to sell digital assets in the amount of no more than $ 25 million per year;
• Startup managers are required to own at least 50% of the shares of their firms;
• During the ICO, individuals can purchase up to $482 worth of digital assets;
• For a year, citizens are allowed to purchase tokens and coins worth no more than $ 4820.

Cryptocurrency exchanges are required to register withSEC and open an office in Nigeria. Trading platforms will have to pay a fee of $72,250 to obtain a work permit. To start providing services for the purchase and sale of digital assets, the capital of exchanges must be at least $1.2 million.

Lawyer Emmanuel Ogbuka, who specializes inon the regulation of the financial and technological industry, believes that the tightening of legislation on cryptocurrencies will lead to the creation of a monopoly in the Nigerian market and limit the opportunities for promising blockchain startups. In his opinion, the discriminatory policy of the SEC will spur the development of the shadow sector of the crypto industry.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest crypto exchange in the world is Binance. The platform supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Bitget	https://bitget.com	7.8
3	Huobi	https://huobi.com	7.2
4	AAX	https://aax.com	6.9
5	Bybit	https://bybit.com	6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Additional features and services— futures, options, staking, NFT marketplace.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• final grade– the average number of points for all indicators determines the place in the ranking.

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