Nigeria’s SEC Considers Allowing Transactions Of Tokenized Bonds And Real Estate: Report | coindesk JAPAN | Coindesk Japan

Nigeria’s Securities and Exchange Commission (SEC) to allow licensed cryptocurrency exchanges to issue tokenized coins backed by stocks, bonds and real estate “not crypto assets” is under consideration, Bloomberg reported on May 1.

“As regulators, we always start with very simple and clear propositions before complex ones,” said Abdulkadir Abbas, head of the Securities and Investment Services Division of the SEC in Abuja. I would like to,” he reportedly said.

The regulator is also accepting applications for cryptocurrency exchanges on a trial basis, allowing them to undergo a one-year “regulatory incubation” with limited services offered under SEC oversight to determine the suitability of offering services. Planning.

“By the 10th month, we should be able to make a decision whether to approve, extend the incubation period, or seek to cease operations,” Abbas told Bloomberg.

According to the article, the SEC will certify and begin registering cryptocurrency exchanges only after reaching an agreement with the country’s central bank, which has prevented local financial institutions from interacting with crypto service providers. ing. Nigeria was one of the region’s earliest adopters of crypto assets before the central bank tightened its restrictive rules.

Despite central bank resistance, there have been attempts to bring crypto assets into the regulatory sphere, with new legislation being drafted to allow crypto assets to be capital for investment.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Nigeria’s largest city, Lagos (Teo-Inspiro International / Shutterstock.com)
| Original: Nigeria’s SEC Mulls Allowing Tokenized Equity, Property But Not Crypto: Bloomberg