Newsletter on SEC Proposed Rules on Issuance, Offering Platforms and Custody of Digital Assets

The Securities and Exchange Commission (SEC) has recently issued its Proposed Rules on Issuance, Offering Platform and Custody of Digital Assets (the Proposed Rules). This is following the SEC’s press release in February 2021 halting the operation of its “Statement on Digital Assets and their Classification and Treatment” issued in 2020 – wherein the SEC sought to classify digital assets as securities and regulate digital asset issuers and exchanges – as a result of a directive from the Central Bank of Nigeria to banks and other financial institution to identify and close accounts of persons or entities transacting in cryptocurrencies.

Accordingly, the Proposed Rules indicate the SEC’s intention to resume regulation of digital assets and digital asset trading platforms and the offering of digital assets.

In this Newsletter, we examine the key provisions of the Proposed Rules

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