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Crypto: SEC Launches New Regulations On Digital Assets

Crypto: SEC Launches New Regulations On Digital Assets

The Securities and Exchange Commission (SEC) has published a new set of rules to guide digital assets traders and investors in Nigeria. PeoplesGazette reports.

In its new regulation titled: ‘New Rule on Issuance, Offering Platforms, and Custody of Digital Asset’, the regulatory body said it would mandate the registration of “the offering and sale of digital tokens that are considered securities.” Information Guide Nigeria

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The document listed digital asset offering platforms (DAOPs), digital asset custodians (DACs), virtual assets service providers (VASPs), and digital assets exchange (DAX) as digital asset actors.

The regulatory body said applications submitted before it would be reviewed within 30 days. Then it would determine if the digital asset proposed to be offered constitutes a “security” under the Investment and Securities Act of 2007.

“The commission may reject any application for registration of digital assets if, in its opinion, the proposed activity infringes public policy, is injurious to investors or violates any of the laws, rules, and regulations implemented by the commission,” the document said. jamb results

The document also outlined that issuers might only raise funds within the limit of N10 billion, however, this amount would be subject to review by the regulator.

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Essien, Goodnews is a gruaduate of Communication Arts, University of Uyo, Uyo; Currently working at Infoguide Media as a news writer.

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