{"id":14985,"date":"2022-11-30T12:42:50","date_gmt":"2022-11-30T12:42:50","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nigerian-securities-regulator-to-exclude-crypto-in-its-digital-asset-agenda-regulation-bitcoin-news\/"},"modified":"2022-11-30T12:42:50","modified_gmt":"2022-11-30T12:42:50","slug":"nigerian-securities-regulator-to-exclude-crypto-in-its-digital-asset-agenda-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nigerian-securities-regulator-to-exclude-crypto-in-its-digital-asset-agenda-regulation-bitcoin-news\/","title":{"rendered":"Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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According to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors. <\/strong><\/p>\n

Commission to Promote \u2018Sensible Digital Assets\u2019<\/h2>\n

The Nigerian Securities and Exchange Commission (NSEC) said it will only include cryptocurrencies in its digital assets agenda when regulators finally agree on the standards to protect investors. The commission added that cryptocurrencies are currently excluded because the exchange platforms where such digital assets are traded are operating outside of the Nigerian banking system.<\/p>\n

According to a Bloomberg report<\/a>, the NSEC is keen on promoting what the institution\u2019s director general Lamido Yuguda calls \u201csensible digital assets.\u201d Yuguda explained:<\/p>\n

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The commission is in the business of protecting investors, not in the business of speculation.<\/p>\n<\/blockquote>\n

In addition to promoting safer digital assets, the commission reportedly said it will explore blockchain\u2019s use in advancing virtual and traditional investment products.<\/p>\n

In May, the NSEC unveiled<\/a> new rules governing the issuing of digital assets as well as the registration requirements for platforms that offer digital assets. At the time, some in the Nigerian crypto community believed the new rules applied to cryptocurrencies. While Yuguda admitted that cryptos are presently excluded, he did not rule out including them in the future.<\/p>\n

\u201cAny asset that is traded in the Nigerian capital market requires the joint approach of different regulators,\u201d the director-general reportedly said.<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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