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On September 14, 2020, the Securities and Exchange Commission (“SEC”) released a statement announcing its authority to regulate cryptocurrencies and digital assets in Nigeria, as detailed in our article dated September 23, 2020. In furtherance of this, SEC has recently released Proposed Rules for the Registration of Virtual Assets Providers (“VASPs“) in Nigeria, which we highlighted in our article dated April 15, 2022. In addition to this, SEC also released Proposed Rules on Issuance, Offering Platforms, and Custody of Digital Assets (the “Proposed Rules”).
In this article, we will highlight salient points to note from the Proposed Rules.
CONCLUSION
It appears that the difference between this Proposed Rules and the Proposed Rules for the Registration of Virtual Assets Providers in Nigeria is that the former regulates general digital assets that are for the purpose of raising capital; whilst the latter regulates digital assets that are not for the purpose of raising capital. We expect that the scope of each Rule will be clarified when both Rules are finalised.
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