The Nigerian Securities & Exchange Commission has released new rules for digital assets as part of its efforts to regulate digital/virtual assets such as Bitcoin and NFTs. The SEC’s “New Rules on Issuance, Offering Platforms and Custody of Digital Assets” document looks to give regulatory clarity to the booming crypto market, which is growing exponentially in a nation of tech-savvy people.
According to the rules, Virtual Asset Exchanges registered in Nigeria and startups alike, are mandated to be capitalized with at least NGN 500,000 in paid-up capital, and post a fidelity bond for at least 25% of this amount. The SEC also requires these exchanges to be “fair, reasonable, and transparent” with their fees.
Registered exchanges will also need to provide the SEC with a list of assets they intend to trade and get a “no objection” letter for each asset.
In this video, Olaleye Oladimeji, Head of Tech Law Advisory at Legalpreneur Consulting, joins us on the Inside Blockchain Show to explore this issue in detail.
ICYMI: Here’s the full video;
Read more on the SEC’s regulatory guidelines here
The BINANCE Blockchain & Cryptocurrency Awareness Tour (BCAT) is only 10 days away!!! Its happening on Saturday, 4th of June 2022 by 9am at the Amadeo Event Centre, Enugu, Nigeria.
Sign up for BCAT AFRICA 2022 event here: https://bcatafrica.org/#/
BCAT is a program designed to expose millions of people to the many opportunities available in the world of Blockchain and cryptocurrency.
BCAT is geared toward capturing the essence, vision, and ideals of Blockchain and Cryptocurrency Awareness in Africa through tours and the Crypto education movement. It is designed to expose millions of people to many opportunities available in the world of Blockchain and cryptocurrency.
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