The Securities and Exchange Commission (SEC) which is the regulator of the Nigerian capital market has issued new guiding rules on the issuance and custody of digital assets in Nigeria. These guidelines titled “New Rules on Issuance, Offering Platforms and Custody of Digital Assets” (the Rules) are made by SEC to encourage the adoption of cryptocurrencies in the country.
The Rules is divided into five parts which covers the following:
- Rules on Issuance of Digital Assets as Securities;
- Rules on Registration Requirements for Digital Assets Offering Platforms (DAOPs);
- Rules on Registration Requirements for Digital Asset Custodians (DACs);
- Rules on Virtual Assets Service Providers (VASPs); and
- Rules on Digital Assets Exchange (DAX).
The Rules shall apply to all issuers seeking to raise capital through digital asset offerings. It also requires all cryptocurrencies issuers or sponsors to register their digital assets with the SEC.
Please click here to access the Rules.
You can contact us at contact@compleolegal.com or +234 802 360 4638 for any enquiries on the SEC Rules and any other finance or technology related issue.
