Nigeria SEC Takes Steps to Regulate Digital Asset Trading.
The SEC's goal is to register fintech firms as digital sub-brokers, crowdfunding ventures and to tokenize coin offerings. However, the SEC will not be registering any cryptocurrency exchanges until the Central Bank provides clear regulations for the cryptocurrency market.
Abbass explained that licensed applicants will undergo a year of regulatory incubation, during which the SEC will study their operations and determine how they can best serve the country. The aim of this proposal is to provide a regulatory framework for digital asset trading and offer protection to investors in the market.
The SEC's decision to permit the listing of tokens based on select assets demonstrates a willingness to embrace the opportunities presented by the digital asset industry while also protecting investors from the volatility and risks associated with cryptocurrencies. By focusing on assets that are more stable and familiar to investors, the SEC can create a more secure and stable market that fosters innovation and growth in the digital asset industry.