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Nigeria’s Securities and Exchange Commission, SEC Nigeria, has authorized the National Association of Securities Dealers(NASD plc)to list cryptocurrencies and other digital assets on its proposed electronic platform. NASD Plc is a licenced Securities Exchange operating Over-The-Counter (OTC) marketplace for unregistered securities.&nbsp; 
This development comes barely a month after the Central Bank of Nigeria(CBN) lifted the ban on bank-assisted cryptocurrency transactions, marking the end of its two-year crackdown on cryptocurrency within the country’s banking sector.&nbsp; 
According to Eguarekhide Longe, NASD plc Managing Director, the soon-to-be-launched Digital Securities Platform(N-DSP)will open up access to a new wave of young investors and enable the capital market to raise funds through various digital securities offerings.&nbsp; 
“Our objective is to empower millions of young crypto investors with access to promising digital assets, ensuring they can confidently purchase in a completely compliant and secure investment environment”, he said.&nbsp; 
Recall that in June 2022,&nbsp; NASD announced its partnership with Blockstation to ‘create a fast-track for issuers to tokenise their assets, raise funds, and connect to a global investor pool’ in a tripartite Master Agreement involving NASD, TK Tech Africa and Blockstation&nbsp; 
Speaking on the SEC approval, Mr Jai Waterman, the founder and CEO of Blockstation remarked that this new development heralds a new era in the economic development of the country.&nbsp; 
“In a nation marked by dynamic economic forces, the confluence of digital assets and traditional financial institutions signals a transformative era for Nigeria’s economic landscape”. 
Furthermore, the NASD-Blockstation partnership is poised to serve as the pathway to increased blockchain adoption and financial inclusion, with the NASD aiming to tap into Nigeria’s $20 billion annual diaspora remittance through the N-DSP, which is set to be launched on Blockstation’s platform.&nbsp; 
“The integration of cutting-edge technology to address the needs of, and captivate the substantially large youthful population, is set to unlock previously untapped markets. We are confident that this platform will play a pivotal role in propelling Nigeria into a new era of economic growth”, he concluded.&nbsp;

Nigeria’s SEC Approves OTC Service For Cryptocurrencies And Digital Assets

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