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Nigeria SEC prepares new digital asset rules

The Nigerian Securities and Exchange Commission (SEC) has announced plans to regulate digital assets, but not cryptocurrencies. According to a statement released on May 1, the SEC said that its regulatory focus will be on tokens that qualify as securities. The commission intends to regulate the issuance, investment, and trading of digital assets that fall within its purview.

The SEC clarified that cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are not within its jurisdiction, as they are not classified as securities or commodities. However, the commission noted that it will continue to monitor and study the market to determine if there is a need for further regulation in the future.

The SEC’s move comes as the use of digital assets continues to gain popularity in Nigeria, with some investors seeking to take advantage of the opportunities offered by the market. The commission warned that unregulated investments in digital assets could expose investors to risks such as fraud and loss of investment.

Overall, the SEC’s announcement indicates that Nigeria is taking steps to regulate the digital asset market, while recognizing the differences between cryptocurrencies and other types of digital assets.

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