EXPERTS NIGERIA Nigeria’s financial regulator to oversee blockchain and crypto 4 years ago Szarlot Post Views: 681 The Securities and Exchange Commission of Nigeria is officially going to regulate digital assets, big news for the country, which is one of the earliest adopters of blockchain technology. On September 14, SEC defined tokens and coins as part of the financial market and therefore subject to regulatory approval and oversight. They are considered alternative investment opportunities and will be split across four categories based on how much regulatory oversight they need. Commenting on the decision, SEC had this to say: “The burden of proving that the crypto assets proposed to be offered are not securities and therefore not under the jurisdiction of the SEC, is placed on the issuer or sponsor of the said assets.” Now, though, Nigerian regulators will keep a closer eye on the cryptocurrencies and utility tokens and treat them as commodities. Security tokens, on the other hand, would be treated as securities and derivatives. Investment funds will be considered “specified investments.” Regulating the crypto market a little better is definitely an upside yet it may take some getting used to. Nigeria has urged companies releasing DATOs and ICOs to make sure they are registered with SEC. All companies will have a three-month grace month after which they would be considered as operating outside of the country’s jurisdiction and therefore liable for penalties. Nigeria is also ranking first worldwide for searches such as “Bitcoin,” according to Google Trends, a tool used to measure online traffic. Many blockchain companies are already operating out of Nigeria, including Quanta, which hired Frank Schuengel to serve as the COO for the company in the country. Meanwhile, many operators remain accessible for Nigerian players. Bitcasino, BitStarz, and FortuneJack are some of the most valuable brands blockchain gamers can spend their utility tokens on these days. Source: cryptogamblingnews.com About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: bitcoin, cryptocurrences, Nigeria Continue Reading Previous Lottery Commission implements measures to deter money laundering – DGNext How COVID-19 lockdown affected Internet usage in Nigeria? More Stories EXPERTS GHANA Can you bet on football with crypto? What you should know 9 hours ago Szarlot EXPERTS SOUTH AFRICA The BiG Africa Summit 2024: Day Two Recap 2 days ago Iwo Bulski EXPERTS NIGERIA Bandits funding terrorism through crowdfunding, betting platforms 2 days ago Samuel NIGERIA ONLINE Nigerian crypto fee hike invitation for crypto “big boys” 3 days ago Szarlot EXPERTS KENYA Tappi expands services across Africa beyond Kenya and Nigeria 3 days ago Samuel BETTING NIGERIA Seun Kuti criticizes Nigerian elites over youths sleeping in betting shops 4 days ago Samuel EXPERTS NIGERIA How NLRC Plans to Regulate Gaming 1 week ago Szarlot BETTING NIGERIA Reps to organise public hearing on age limit for betting 1 week ago Samuel EXPERTS UGANDA Top 5 highest-paying jobs in Africa in 2024 1 week ago Szarlot BETTING NIGERIA BetKing Renews Commitment To Ikorodu City FC 1 week ago Szarlot EXPERTS KENYA The impact of Kenya’s Gambling Control Bill 1 week ago Samuel EXPERTS SOUTH AFRICA Celebrate Women in Gaming: Join Us at BiG Africa Summit 2024! 1 week ago Iwo Bulski Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.