Sunday, December 10, 2023

Nigerian SEC Confirms: All Digital Assets Are Considered Securities

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The Nigerian SEC confirms that all digital assets are considered securities and the new rules look to clarify crypto’s role in the economy by providing the regulatory framework so let’s read more today in our latest cryptocurrency news today.

The digital asset is a token that represents these assets like debt or equity claim on the issuer so this by default is under the purview of the Nigerian SEC, the regulator noted in a new rulebook published over the weekend. The Nigerian SEC new rules on issuing and offering custody of digital assets, aim to give regulatory clarity to the booming market which is growing immensely year on year in the nation of tech-comfortable people.

Exchanges registered in-country needs to be capitalized with $1204 in paid-up capital and post a fidelity bond for 25% of the amount. The SEC acquires exchanges to be fair, transparent, and reasonable with fees. The registered exchanges will have to provide the SEC with a list of assets they intend to trade and get a no objection letter for the asset. The Nigerian SEC confirms it established a specialized division to study crypto investments.

Nigeria’s SEC, crypto, research, digital
FILE PHOTO: Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo – RC1E81C7FA80

As recently reported, The Nigerian central bank will enable locals to pay their bills, bills, and more using the eNaira. The move is a part of a campaign that aims to popularize the financial product and encourage people to employ it often in their daily transactions. It is safe to say that the most populated country in Africa is Nigeria and it is among the leaders in terms of CBDC efforts so the authorities introduced the eNaira under the slogan “Same Naira, more possibilities.” the central bank raised hopes that the product will make financial transactions much easier and seamless for the society. According to the recent coverage, the CBN will upgrade the CBDC next week and will allow members of the public to use it as a payment method. In order to do so, the financial institution partnered with the mobile banking company Bizi Mobil.

Despite the CBN’s attempts to introduce the eNaira to the local community, it remains uncertain how successful that move will be. The reason is that Nigerians are intrigued by crypto such as BTC. Recent studies show that over 33 million of Nigeria’s adults owned or traded digital assets in the past six months.

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