Nigeria to License Exchanges Listing Asset-Backed Tokens But Not Crypto

As reported by Bloomberg, the Nigerian Regulator, the Securities and Exchange Commission (SEC), plans to allow licensed digital exchanges to list tokens backed by certain assets. The Nigerian SEC’s head of securities and investment communicated that the authority plans to only authorise listings of tokens based on assets like equity, debt or property. However, cryptocurrencies like Bitcoin and Ether will not be among those assets. Nigeria’s SEC aims to register fintech firms as digital sub-brokers, crowdfunding intermediaries, fund managers and tokenised coins issuers. The authority will not register crypto exchanges until the central bank provides clear regulations for the crypto market. In addition, licence applicants would undergo a year of “regulatory incubation,” allowing the SEC to study their operations and render their services in the country.


CH-020079 (Webpage Portal) 2023-05-01 (Published) 2023-05-07 (Updated)