{"id":26866,"date":"2022-05-14T09:53:57","date_gmt":"2022-05-14T13:53:57","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=26866"},"modified":"2024-07-28T07:39:28","modified_gmt":"2024-07-28T11:39:28","slug":"nigeria-announces-new-crypto-asset-rules","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/nigeria-announces-new-crypto-asset-rules\/","title":{"rendered":"Nigeria Market Regulator Announces New Crypto Asset Rules"},"content":{"rendered":"\n<p>Nigeria <a href=\"https:\/\/coinscreed.com\/staging\/u-s-securities-and-exchange-commission-musk-twe.html\">Securities and Exchange Commission<\/a> (SEC) published rules on issuance, offering platforms and custody of digital assets<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Nigeria-Announces-New-Crypto-Asset-Rules.jpg\" alt=\"Nigeria Announces New Crypto Asset Rules\" class=\"wp-image-26868\" width=\"681\" height=\"455\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Nigeria-Announces-New-Crypto-Asset-Rules.jpg 500w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Nigeria-Announces-New-Crypto-Asset-Rules-300x200.jpg 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Nigeria-Announces-New-Crypto-Asset-Rules-150x100.jpg 150w\" sizes=\"(max-width: 681px) 100vw, 681px\" \/><figcaption>Nigeria Announces New Crypto Asset Rules<\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\"><ul><li><a href=\"#h-nigeria-s-securities-and-exchange-commission-sec-issues-crypto-rule\" >Nigeria's Securities and Exchange Commission (SEC) Issues Crypto Rule<\/a><\/li><li><a href=\"#h-new-rule-for-digital-asset-exchanges\" >New Rule For Digital Asset Exchanges<\/a><\/li><li><a href=\"#h-extending-nigeria-banking-access\" >Extending Nigeria Banking Access<\/a><\/li><\/nav><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-nigeria-s-securities-and-exchange-commission-sec-issues-crypto-rule\">Nigeria's Securities and Exchange Commission (SEC) Issues Crypto Rule<\/h2>\n\n\n\n<p>Nigeria market regulator has produced a set of digital asset regulations, indicating that the continent's most populous country is attempting to strike a balance between outright bans on <a href=\"https:\/\/coinscreed.com\/staging\/sec-chairman-warns-that-crypto-assets-need-public-policies-to-survive.html\">crypto-assets<\/a> and their unregulated use.<\/p>\n\n\n\n<p>Last year, Nigeria's central bank prohibited banks and financial organizations from trading in or assisting in digital currency transactions.<\/p>\n\n\n\n<p>On its website, the Nigeria market regulator announced the &#8220;New Rules on Issuance, Offering Platforms, and Custody of Digital Assets.&#8221;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-new-rule-for-digital-asset-exchanges\">New Rule For Digital Asset Exchanges<\/h2>\n\n\n\n<p>The 54-page document establishes registration requirements for digital asset offers and custodians, as well as classifies the assets as securities subject to SEC regulation.<\/p>\n\n\n\n<p>A representative for the central bank did not return phone calls.<\/p>\n\n\n\n<p>The SEC stated that no digital asset exchange would be permitted to facilitate asset trading unless the commission had issued a &#8220;no objection&#8221; finding.<\/p>\n\n\n\n<p>A digital assets exchange will be needed to pay a registration cost of 30 million naira ($72,289), among other fees.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-extending-nigeria-banking-access\">Extending Nigeria Banking Access<\/h2>\n\n\n\n<p>Nigeria launched the <a href=\"https:\/\/coinscreed.com\/staging\/nigeria-upgrades-enaira-as-crypto-restrictions-affect-fintech-industries.html\">eNaira<\/a>, a digital currency, in October with the hopes of extending banking access. <\/p>\n\n\n\n<p>Digital currencies are backed and managed by the central bank, unlike cryptocurrencies like Bitcoin.<\/p>\n\n\n\n<p>Nigeria's young, tech-savvy population has embraced digital currencies enthusiastically. Despite a <a href=\"https:\/\/www.cbn.gov.ng\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Central Bank<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a> ban on banks and financial institutions trading in or assisting cryptocurrency transactions, cryptocurrency use has exploded.<\/p>\n\n\n\n<p>An avid bitcoin user stated that the uncertainty will keep him on the sidelines for the time being.<\/p>\n\n\n\n<p>His main fear is whether he will be able to simply convert eNaira to local cash.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria Securities and Exchange Commission (SEC) published rules on issuance, offering platforms and custody of digital assets Nigeria&#8217;s Securities and Exchange Commission (SEC) Issues Crypto Rule Nigeria market regulator has produced a set of digital asset regulations, indicating that the continent&#8217;s most populous country is attempting to strike a balance between outright bans on crypto-assets [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":26868,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5390,5701],"class_list":["post-26866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-nigeria-2","tag-regulation-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Nigeria-Announces-New-Crypto-Asset-Rules.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/26866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=26866"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/26866\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/26868"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=26866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=26866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=26866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}