Nigeria to regulate cryptocurrency operations

The country's Securities and Exchange Commission reacts with new regulations to the significant increase in bitcoin adoption on the African continent and the world in general

The Nigerian Securities and Exchange Commission issued a statement to announce that the African country will begin regulating cryptocurrency investments.

This measure is part of the reactions to the boom, not only locally, but also in African continent and globally, in the adoption of bitcoin as an asset for a diversity of transactions.

According to the SEC statement, the creation of “standards that promote ethical practices that contribute to a fair and efficient market is proposed.” The body clarified that the control measures are not intended to hinder technology and innovation in trading with digital assets.

The first step that the SEC took before reaching the regulations was to recognize cryptocurrencies as a commercial value, so that from now on assets must be registered as such through two approaches: an initial assessment presentation and another for the definitive registration within a period of three months before the implementation of the new ordinance.

The regulation is aimed at all people and companies that operate cryptocurrency services and those related to blockchain technology.

According to the Nigerian Securities and Exchange Commission, “all digital asset token offerings (DATO), initial coin offerings (ICOs), security token ICOs and other blockchain-based offerings within Nigeria will be subject to the new regulations.

M.Pino

Source: morocotacoin

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