Nigeria warms up to asset-backed tokens but not crypto

A Bloomberg report has it that
Nigeria’s Securities and Exchange Commission is considering allowing tokenized coin offerings backed by equity, debt or property but “not crypto,” on licensed digital asset exchanges.

According to the report, the regulator is also processing applications for digital exchanges. Exchanges will undergo an incubatory one year of limited services under the SEC monitoring.

The report adds that the SEC will not start registering digital asset exchanges until it reaches an agreement with the Nigeria central bank.

The Central Bank of Nigeria has blocked local financial institutions from interacting with crypto services providers. Yet, Nigeria still remains one of the fastest crypto adopters in the Africa.


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