Nigeria’s securities regulator is considering granting exchanges that deal in asset-backed licenses to operate. The SEC, however, has no intention of allowing crypto trading.
Bloomberg reports that Nigeria’s Securities and Exchange Commission (SEC) is considering permitting tokenised coin offerings on licensed digital exchanges backed by assets, including equity, debt, and property, but has no plans of permitting crypto trading.
Abdulkadir Abbas, head of securities and investment services at the agency, informed Bloomberg of SEC’s plan and added:
We always like to start, as a regulator, with a very simple clear proposal before we go into the complex ones.
The regulator is processing applications for digital exchanges on a trial basis in an effort to broaden market participation in Nigeria, where the central bank currently restricts cryptocurrencies.
Digital exchanges will undergo one year of “regulatory incubation,” where they can offer limited services under the SEC’s sup
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