Nigeria is expected to prepare new industry-based regulations for the digital asset ecosystem, stated Cointelegraph.
On May 1, 2023, Bloomberg reported that the Nigerian Securities and Exchange Commission (SEC) might allow a licensed digital exchange for the tokens supported by digital assets, added Cointelegraph.
As reported by Cointelegraph, Abdulkadir Abbas, head of securities and investment, Nigerian Securities and Exchange Commission, commented that the new regulations will only license tokens based on assets like equity, debt or property. It is expected that Bitcoin and Ether will not be included in this regulation, Abbas added further.
It is believed that the people applying for the license will need to go through a “regulatory incubation,” for one year. Furthermore, “By the 10th month, we should be able to make a determination whether to register the firm, extend the incubation period or even ask the firm to stop operation,” Abbas told Cointelegraph.
(With insights from Cointelegraph)