Nigeria’s SEC Affirms All Digital Assets Are Securities in New Rulebook

• The Nigerian SEC’s “New Rules connected Issuance, Offering Platforms and Custody of Digital Assets” circular looks to springiness regulatory clarity to the booming market, which is increasing dramatically year-on-year successful a federation of tech-comfortable people.

• Exchanges registered in-country request to beryllium capitalized with astatine slightest NGN 500,000 ($1,204) successful paid-up capital, and station a fidelity enslaved for astatine slightest 25% of this amount, according to the rules.

• The SEC besides requires exchanges to beryllium “fair, reasonable, and transparent” with their fees.

• Registered exchanges volition besides request to supply the SEC with a database of assets they mean to commercialized and get a “no objection” missive for each asset.

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