Regulatory Alerts2020-09-14
Statement on Digital Assets and Their Classification and Treatment
The Nigerian Securities and Exchange Commission (SEC) presumes virtual crypto assets to be securities, requiring issuers and sponsors to prove otherwise through initial assessment filings or direct registration. The framework encompasses digital asset token offerings, initial coin offerings, and blockchain-based instruments, mandating that existing providers comply within three months of implementation. All digital asset service providers must register with the Commission, while foreign issuers secure recognition through reciprocal agreements or International Organization of Securities Commissions membership.
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