Regulatory Alerts2022-05-13
Rules on Issuance, Offering Platforms and Custody of Digital Assets
The Securities and Exchange Commission of Nigeria has issued new regulations that classify digital tokens as securities and mandate strict operational frameworks for issuers, offering platforms, and custodians. Issuers must file detailed whitepapers for a thirty-day regulatory assessment, comply with capital-raising ceilings of N10 billion and retail investment caps of N2 million, and maintain mandatory equity holdings by directors. Digital Asset Offering Platforms must secure N500 million in paid-up capital, implement robust risk management and governance structures, and fulfill continuous disclosure obligations to protect investors and ensure market integrity.
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