SEC Nigeria proposes guidelines for Cryptocurrency

The Securities and Exchange Commission (SEC) in Nigeria, a government agency authorized to regulate and develop the Nigerian capital market, has released a statement which proposed a set of regulations for digital assets and their classification and treatment. The aim of the regulation, according to the SEC, “is to create standards that encourage ethical practices that ultimately make for a fair and efficient market”.

In the statement released on Monday (September 14, 2020), the SEC announced that cryptocurrency assets are classified as securities by default, and is thus subject to regulation. “Any person, (individual or corporate) whose activities involve any aspect of Blockchain-related and virtual digital asset services, must be registered by the Commission and as such, will be subject to the regulatory guidelines” said the SEC in their statement.

Nigeria is not the first African country to impose regulations for cryptocurrency. As previously reported by The Crypto University Blog, South Africa and Kenya has also taken steps towards implementing guidelines for digital asset holders.

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