Nigeria welcomes ‘Crypto Asset Rules;’ the plan might impress you - Aliens: AI Crypto News & Markets Updates
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Nigeria welcomes ‘Crypto Asset Rules;’ the plan might impress you

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AMB Crypto

Sat, May 14, 2022

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Aliens TLDR

Despite the unimpressive few days of the cryptocurrency market, Nigeria’s Securities and Exchange Commission (SEC) has announced rules relating to the issuance, exchange, and custody of digital assets in the country.

The SEC of Nigeria has finally published rules pertaining to the regulation of the crypto industry.

Interestingly, the SEC rules may also encourage the Central Bank to issue a framework that allows crypto integration with the country’s financial institutions.

Institutions that wish to offer crypto products and services are required to secure a virtual asset service provider (VASP) license.

All institutions involved in providing exchange services in Nigeria are required to secure a permit.

This will allow the SEC to access their records as they are required to submit weekly and monthly trading information.

Trading of assets will be allowed for assets after certification from the SEC.

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