Africa Press-Nigeria:<\/p>\n
The Securities and Exchange Commission (SEC) of Nigeria will start regulating trade in digital currencies to ensure investor protection and that transactions are transparent. The authorities said on Monday,<\/p>\n
\u201cThe general objective of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices.\u201d<\/p>\n
The agency said it\u2019 is required to regulate \u201cwhen the character of the investments qualifies as securities transactions.\u201d<\/p>\n
In the past, the West African nation declined to recognize digital currencies as legal tender. In 2018, the Central Bank of Nigeria said that cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), XRP, Monero (XMR), and Onecoin, weren\u2019t considered money.<\/p>\n
The Abuja-based regulator said in a statement that it views digital currencies as exchangeable securities and that the issuers or sponsors of these virtual assets \u201cshall be guided by the commission\u2019s regulation.\u201d<\/p>\n
The country is now coming to acknowledge the growing presence of digital assets, and Ayodeji Ebo, managing director at Afrinvest securities in Lagos, said, \u201cthe earlier it is regulated, the less havoc on the economy.\u201d<\/p>\n
\u201cIt\u2019s another way to provide alternative assets to investors,\u201d he told Bloomberg.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Africa Press-Nigeria: The Securities and Exchange Commission (SEC) of Nigeria will start regulating trade in digital currencies to ensure investor protection and that transactions are transparent. The authorities said on Monday, \u201cThe general objective of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices.\u201d The agency said […]<\/p>\n","protected":false},"author":62,"featured_media":18211,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[586],"class_list":["post-29969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-sec"],"yoast_head":"\n