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Nigeria’s markets regulator releases guidelines on crypto properties


May 14, 2022

LAGOS (Reuters) – Nigeria’s markets regulator has actually released a set of policies for digital properties, signalling Africa’s most populated nation is looking for a happy medium in between a straight-out restriction on crypto properties and their uncontrolled usage.

Nigeria’s reserve bank in 2015 prohibited banks and banks from handling or assisting in deals in digital currencies.

However the nation’s young, tech-savvy population has actually excitedly embraced cryptocurrencies, for instance utilizing peer-to-peer trading provided by crypto exchanges to prevent the monetary sector restriction.

Nigeria’s Securities and Exchange Commission (SEC) released the “New Rules on Issuance, Using Platforms and Custody of Digital Assets” on its site.

The 54-page file sets out registration requirements for digital properties offerings and custodians, and categorizes the properties as securities controlled by the SEC.

A reserve bank representative did not address calls to his smart phone.

The SEC stated no digital properties exchange would be permitted to assist in trading of properties unless it had actually gotten a “no objection” judgment from the commission.

A digital properties exchange will be needed to pay 30 million naira ($ 72,289) as a registration cost, to name a few charges.

In October, Nigeria released a digital currency, the eNaira, in the hope of broadening access to banking. Main digital currencies, unlike cryptocurrencies such as bitcoin, are backed and managed by the reserve bank.

( Reporting by MacDonald Dzirutwe in Lagos and Camillus Eboh in Abuja; Modifying by Mark Potter)

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