The Nigerian Stock Exchange Commission has branded cryptocurrencies as securities in a landmark document that will change the way crypto assets are regulated in the African nation.
SEC to regulate ICOs and Digital assets within Nigerian
The SEC also explained that it had been empowered to regulate all Initial Coin Offerings (ICOs), Digital Asset Token Offering (DATO), Security Token ICOs, and blockchain-based offers within Nigeria.
Also, all existing digital asset offering platform has been given three months to submit the initial asset filing and documents.
The regulation also extends to individual traders who are involved in blockchain-related and digital assets services. Moving on traders are expected to be registered with the SEC and face regulation on their transactions like other securities (stocks and bonds)