” The position of the Commission is that virtual crypto properties are securities, unless shown otherwise,” the SEC said in a statement. “Thus, the concern of showing that the crypto assets proposed to be provided are not securities and therefore not under the jurisdiction of the SEC, is put on the company or sponsor of the stated properties.”
The declaration stated any crypto properties that are not structured to be specifically used through crowdfunding portals or “other exempt techniques” would be regulated.
In 2018, the Nigerian reserve bank warned cryptocurrencies were not legal tender, and that financiers were unguarded.
Still, monthly cryptocurrency transfers to and from Africa of under $10,000 leapt more than 55% in a year to reach $316 million in June, data from U.S. blockchain research company Chainalysis showed. In Nigeria, the data showed small cryptocurrency transfers totalled nearly $56 million in June, almost 50% more than a year before. (Reporting By Libby George; Editing by Aurora Ellis).
LAGOS, Sept 14 (Reuters) – Nigeria will start regulating trade in crypto-coin or crypto-token financial investments, the nations monetary watchdog said in a declaration on Monday.
Nigerias Securities and Exchange Commission stated regulation was necessary to ensure and protect financiers market integrity and transparency.
