Securities and Exchange Commission’s Statement on Digital Assets

SEC Statements on Digital Assets

Previously, digital assets such as cryptocurrencies and tokens were unregulated in Nigeria, with regulators taking a cautious approach, and urging the public to tread carefully when investing in such assets.

However, in exercise of its powers conferred under the Investment and Securities Act 2007, the Securities and Exchange Commission (SEC or the Regulator) on 11 September 2020 issued the ‘Statement on digital assets and their Classification and Treatment’ (the Statement), with the primary aim of protecting the investing public. The Statement provides for the classification and registration of digital assets by the Regulator.

We set out in this newsletter some of the important provisions of the Statement.

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