Author Topic: Breaking NEWS: SEC, Bitcoin now legal (a security) in Nigeria.  (Read 8 times)

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Breaking NEWS: SEC, Bitcoin now legal (a security) in Nigeria.
« on: September 15, 2020, 02:34:06 AM »
Just came across the news of the SEC of Nigeria wanting to start regulating cryptocurrency and other crypto related companies. I guess they're tired of fighting the movement, so now they have no other option but to join the other countries with young citizens having interest in bitcoin by trying to regulate it. Some months back, It was even a crime just mentioning bitcoin in the country as you would likely get investigated and probably get your account frozen if observed to be trading bitcoin. This was the warning from the Central bank of Nigeria but can't confirm if this came into full effect.

Here's some important key points to note in the SEC document Quote from:

SEC to regulate ICOs and Digital assets within Nigerian

The SEC explained that it had been empowered to regulate all Initial Coin Offerings (ICOs), Digital Asset Token Offering (DATO), Security Token ICOs and blockchain based offers within Nigeria.

Also all existing digital asset offering platform have been given three months to submit the initial asset filing and documents.

While I'm happy this will reduce the rate of scammers defrauding innocent Nigerians of their funds mostly due to their ignorance and greediness, I'm also having a mixed feeling about this getting abused (manipulated) to their (the government) selfish interested in the sense that they mandate any company wanting to operate in Nigeria to cooperate with them in leaking users sensitive information nevertheless it's a welcome development and I hope for more positive news to come in future...

What's your take on this new development in my country?