Nigerian regulator classifies crypto assets as securities

The Securities and Exchange Commission (SEC) of Nigeria published a document, according to which the regulator regards digital assets as securities, “unless proven otherwise”.

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The SEC reserves the right for issuers to prove that a given asset is not a security and does not fall under the regulator’s jurisdiction. Otherwise, digital assets are subject to registration with the Commission.

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All organisers offering digital assets as securities within the country or aimed at local investors must comply with the law.

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The regulator may require foreign issuers to open a branch in Nigeria.

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The SEC also presented a classification of digital assets, dividing them into crypto assets, utility and security tokens, and derivatives.

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As a reminder, in August bitcoin trading volumes on P2P platforms in African countries reached record highs.

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