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29 September 2020

Forex Strapped Nigeria Designates Crypto Assets as Securities | Emerging Markets Bitcoin News

Forex Strapped Nigeria Designates Crypto Assets as Securities | Emerging Markets Bitcoin News

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The SEC says the classification of crypto assets for regulation is consistent with the country’s investment and securities laws of 2007.

While the classification is seemingly targeting new crypto assets, the SEC says that “existing digital assets offerings prior to the implementation of the regulatory guidelines will have three (3) months to either submit the initial assessment filing or documents for registration proper, as the case may be.”.

Ihenyen says the classification means “investment or security-based digital assets offerings are caught here, whether it is the now dead or dying initial coin offerings (ICOs) that got many fingers burnt in 2017 or the security token offering (STO) that didn’t live up to expectations.”.

Still, the SIBAN general secretary feels the SEC “should have clearly defined its test for what constitutes investment or security, rather than vaguely state that virtual crypto assets are securities unless proven otherwise.”.

Meanwhile, Chiagozie Iwu, the CEO of a local cryptocurrency exchange, Naijacrypto, says the SEC’s classification of crypto assets shows some level of recognition for digital assets by the regulator.

Meanwhile, Nathaniel Luz, a representative for Dash in Nigeria, says in accordance with the SEC’s classification, cryptocurrencies like “Dash falls under the ‘crypto asset – non-fiat virtual currency’ grouping.” This means this virtual currency cannot be “classified as a commodity or security plus the existence of dash since 2014 pre-dates the ICO days.”

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