The Nigeria Securities and Exchange Commission (SEC) will allow tokenizing assets like equities, property, and debt.
According to a Bloomberg May 1 report, the Nigerian SEC’s head of securities and investment services, Abdulkadir Abbas, said the financial regulator is processing applications for digital exchanges and firms. These firms will be sub-brokers for trading tokenized coins backed by assets, fund managers, tokenized coins issuers, and crowd-funding intermediaries.
Any firm that applies will first undergo a probationary period of 12 months, during which the SEC will monitor their services and determine their fitness to operate in the country.
“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 said.
Other jurisdictions working on assets tokenization
The idea of tokenizing assets is something that several jurisdictions are already considering. Singapore’s P
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