EXPERTS NIGERIA We support digital assets, not ‘crypto,’ – says SEC 12 months ago Samuel Post Views: 238 Nigeria’s securities regulator has distanced itself from ‘cryptocurrencies,’ recently stating that it will only promote investment in “sensible digital assets.” The Securities and Exchange Commission (SEC) revealed that its upcoming regulatory framework will not cover ‘cryptocurrencies,’ Bloomberg reports. The framework is geared towards improving the trading of digital assets and protecting investors. Nigeria has had a checkered history with digital currencies. The West African nation is Africa’s biggest digital currency market and, according to data from Paxful, accounts for the largest transaction volume outside the United States. Chainalysis further ranked Nigeria 11th for adoption globally this year, ahead of the United Kingdom and Indonesia. However, the Central Bank of Nigeria has banned financial institutions from offering services to digital asset businesses, similar to the ban once imposed by the Reserve Bank of India. The government has also been making indirect pushes to stifle digital currency adoption, including its “Naira 4 Dollar Scheme,” which sought to incentivize mainstream remittance channels. This ban on banking services is a key reason the SEC wants nothing to do with digital currencies. “We are looking at digital assets that really protect investors, not necessarily crypto,” – Director-General Lamido Yuguda told the media in Lagos this week. The SEC published its digital asset guidance in May, and since then, there have been questions on whether it covers digital currencies like Bitcoin. While it went into great detail on initial coin offerings (ICOs), segregation of clients’ assets, custody, key generation and management, and other critical aspects, it was rather unclear on the distinction between ‘crypto’ and digital assets. This week Yuguda finally clarified that the digital currency industry is still not getting the legal clarity for which it has longed for years. “The commission is in the business of protecting investors, not in the business of speculation,” – he stated. In great contrast to the rapid digital currency adoption, the country’s central bank digital currency (CBDC), the eNaira, has failed to garner interest from over 200 million Nigerians. Having taken 10 months to hit $10 million in transaction volume, the eNaira continues to struggle despite the government’s continued efforts to push it. Source: coingeek.com About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: crypto, Nigeria, Securities and Exchange Commission Continue Reading Previous Has Uganda successfully dealt with its Ebola endemic?Next The History and Benefits of the New Technology More Stories BETTING NIGERIA The Dark Side of Virtual Betting 13 hours ago Szarlot NIGERIA ONLINE Nigeria’s Battle With Online Betting 13 hours ago Samuel BETTING NIGERIA How to Watch the African Cup of Nations? 13 hours ago Samuel EXPERTS WORLD NEWS Entain To Pay Almost $730 Million To Settle Turkish Bribery Claims 2 days ago Samuel BETTING NIGERIA The innovative Melbetapk.com betting app 2 days ago Szarlot EXPERTS UGANDA iGaming in Africa: An overview 2 days ago Samuel EXPERTS HOT NEWS SOUTH AFRICA Africa’s Digital Future and the Rise of Mobile Gaming 3 days ago Samuel EXPERTS KENYA President Ruto unveils plan to privatise 35 state companies in Kenya 6 days ago Samuel EXPERTS WORLD NEWS Entain ‘remains confident’ but ‘open to constructively addressing’ investor concerns 6 days ago Szarlot EXPERTS KENYA Top 10 African payment trends for 2024 7 days ago Samuel EXPERTS NIGERIA Naira maintains stability in crypto market as Nigerians digest Binance $4.3 billion settlement 7 days ago Samuel EXPERTS NIGERIA Uncategorized Lagos Gambling Regulator LSLGA Issues Ban On Unlicensed Gambling Sites 7 days ago Samuel 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.