Sunday, 15 May 2022 06:32

FG issues guidelines on cryptocurrencies, other digital assets

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Federal government has released new guidelines aimed at protecting investors in digital assets as trades in cryptocurrencies get boost in Africa’s most populous nation.

The rules issued by the Securities and Exchange Commission (SEC) offer more clarity on trading in cryptocurrencies, it was learnt.

The rules cover “issuance, offering platforms and custody of digital assets” for virtual technologies, according to a statement on its website.

This is coming amidst controversy over the acceptability of cryptocurrencies in Nigerian financial ecosystem.

Despite order by the Central Bank of Nigeria (CBN) to commercial banks to stop transactions in cryptocurrencies, Nigeria is said to account for the largest volume of cryptocurrency transactions outside the U.S., as data from Paxful, a Bitcoin marketplace reveals.

Experts however believe this would go a long way in boosting trading in cryptocurrencies which is gaining global traction.

The new rules cover the issuance of digital assets as securities, the registration of platforms and digital asset custodians, exchanges and virtual assets service providers.

 

Daily Trust


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