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Nigeria SEC to regulate crypto-currency investments

Published 14/09/2020, 20:11
Updated 14/09/2020, 20:12

LAGOS, Sept 14 (Reuters) - Nigeria will begin regulating
trade in crypto-token or crypto-coin investments, the country's
financial watchdog said in a statement on Monday.
Nigeria's Securities and Exchange Commission said regulation
was essential to protect investors and ensure market integrity
and transparency.
"The position of the Commission is that virtual crypto
assets are securities, unless proven otherwise," the SEC said in
a statement. "Thus, the burden of proving that the crypto assets
proposed to be offered are not securities and therefore not
under the jurisdiction of the SEC, is placed on the issuer or
sponsor of the said assets."
The statement said any crypto assets that are not structured
to be exclusively offered through crowdfunding portals or "other
exempt methods" would be regulated.
In 2018, the Nigerian central bank warned cryptocurrencies
were not legal tender, and that investors were unprotected.
Still, monthly cryptocurrency transfers to and from Africa
of under $10,000 jumped more than 55% in a year to reach $316
million in June, data from U.S. blockchain research firm
Chainalysis showed. In Nigeria, the data showed small
cryptocurrency transfers totalled nearly $56 million in June,
nearly 50% more than a year before.

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