Notable Provisions in Nigeria’s New Rules on Issuance, Offering Platforms, And Custody of Digital Assets by John O. Oladipo
The Security and Exchange Commission of Nigeria (“the Commission”) established a Fintech Roadmap Committee (“Committee”) in November 2018 to explore the impact of financial technology on investments and securities in Nigeria and to properly classify and regulate cryptocurrencies and virtual assets. The Committee recommended cryptocurrencies be classed as securities or commodities, among other recommendations.
Consequent to the Committee’s recommendations, the Commission started creating a framework for a virtual currency in Nigeria, and the released Statement is the first step toward cryptocurrency regulations
