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Tokens but not crypto: Nigeria SEC prepares new digital asset rules

Tokens but not crypto: Nigeria SEC prepares new digital asset rules

#crypto
#blockchain
Nigeria’s securities regulator will take at least 10 months to determine whether to register a digital asset-related company.

The Nigerian Securities and Exchange Commission (SEC) is planning to introduce new regulations for digital asset platforms. The Nigerian SEC is considering allowing licensed digital exchanges to list tokens backed by certain assets, including equity, debt, or property. However, cryptocurrencies like Bitcoin and Ether will not be among those assets, according to the SEC’s head of securities and investment, Abdulkadir Abbas. The SEC aims to register fintech firms as digital sub-brokers, crowdfunding intermediaries, fund managers, and tokenized coins issuers. The authority will not register crypto exchanges until the central bank provides clear regulations for the crypto market. Nigeria is known for its high curiosity about cryptocurrencies, and the country ranks second by search interest for the keyword “Bitcoin” behind El Salvador.


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