Nigerian SEC Releases Guidelines on Crypto Asset Regulation

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

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