Cryptocurrency: SEC Issues Rules Governing NFTs, Other Digital Assets

As part of its efforts to organize and bring a sense of order to the cryptocurrency sphere, the Securities and Exchange Commission’s secretary has disclosed new regulations concerning the trade and exchange of digital assets, contained within a document recently released by the commission, titled “new rules on issuance offering platforms and custody of digital assets”.

 Many have seen the move, as the body legalizing cryptocurrencies in Nigeria, this could be a result of the sec director-general Lamido Yuguda’s announcement in September last year concerning the new department being created that would be tasked to investigate the cryptocurrency market. According to the document the new regulationns have mapped out places for different players in the digital market sphere with each member having a key role to play in essence.

The new rules are classifying cryptocurrencies and other such digital investments as securities. The players will now include virtual assets service providers (VASPS), digital assets exchange (DAX), digital asset custodians (DACS), and digital asset offering platforms (DAOPS). These regulations will involve all platforms that support the trading exchange and transfer of virtual assets operators targeting the Nigerian investor market and all issuers and supporters of virtual and digital investments.