Bitcoin dominance falls, can DeFi help revive 2017 trend?
September 15th 2020
The Securities and Alternate Fee (SEC) of Nigeria will begin regulating commerce in digital currencies to make sure investor safety and that transactions are clear. The authorities stated on Monday,
“The overall goal of regulation is to not hinder expertise or stifle innovation, however to create requirements that encourage moral practices.”
The company stated it’ is required to control “when the character of the investments qualifies as securities transactions.”
Up to now, the West African nation declined to acknowledge digital currencies as authorized tender. In 2018, the Central Bank of Nigeria stated that cryptocurrencies, together with Bitcoin (BTC), Litecoin (LTC), XRP, Monero (XMR), and Onecoin, weren’t thought-about cash.
The Abuja-based regulator stated in a press release that it views digital currencies as exchangeable securities and that the issuers or sponsors of those digital property “shall be guided by the fee’s regulation.”
The nation is now coming to acknowledge the growing presence of digital assets, and Ayodeji Ebo, managing director at Afrinvest securities in Lagos, stated, “the sooner it’s regulated, the much less havoc on the financial system.”
“It’s one other manner to offer various property to traders,” he told Bloomberg.