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Home Digital Assets

Nigeria’s market regulator has published crypto asset regulations

Tech Gist Africa by Tech Gist Africa
05/16/2022
in Digital Assets, News - West Africa, Regulation
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Nigeria Digital Assets

Nigeria Digital Assets

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Nigeria’s markets regulator has published a set of digital asset regulations, indicating that the continent’s most populous country is attempting to strike a balance between outright bans on crypto-assets and their unregulated use. 

Last year, Nigeria’s central bank prohibited banks and financial organizations from trading with or assisting digital currency transactions. 

However, the country’s young, tech-savvy population has embraced cryptocurrencies, for example, employing crypto exchanges’ peer-to-peer trading to circumvent the financial sector prohibition. 

On its website, the Securities and Exchange Commission of Nigeria (SEC) announced the “New Rules on Issuance, Offering Platforms, and Custody of Digital Assets.” 

The 54-page document establishes registration requirements for digital asset offers and custodians, as well as classifying the assets as securities subject to SEC regulation. 

The SEC stated that no digital asset exchange would be permitted to facilitate asset trading unless the commission had issued a “no objection” finding. 

A digital assets exchange will be needed to pay a registration cost of 30 million Naira ($72,289), among other fees. 

Nigeria launched the eNaira, a digital currency, in October with the hopes of extending banking access. 

Unlike cryptocurrencies like bitcoin, official digital currencies are backed and managed by the central bank.

 

Read more on Tech Gist Africa:

The Central African Republic has approved bitcoin as one of its official currencies

The Central Bank of Nigeria has placed a six-month freeze on the bank accounts of six fintech companies, accusing them of breaching forex regulations

Nigeria launches eNaira, Africa’s first digital currency, after postponing the initial October 1 debut date

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Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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