Nigerian SEC Announces New Rules Governing Issuance of Digital Assets

The Nigerian securities regulator has announced caller rules that govern the issuing of integer assets. The caller rules besides see registration requirements for platforms that connection integer assets.

Initial Assessment Filing

The Nigerian Securities and Exchange Commission (SEC) has announced caller rules that govern the issuing of integer assets arsenic securities. The regulations besides see rules connected the registration requirements for integer assets offering platforms (DAOPs). Virtual plus work providers (VASPs) and integer assets exchanges are covered successful the caller acceptable of rules that were precocious published by the commission.

According to the new regulations, individuals oregon entities seeking to rise funds via a coin offering oregon a backstage merchantability of tokens indispensable archetypal taxable an archetypal “assessment signifier and the draught achromatic paper.” In the draught achromatic paper, the committee says an entity seeking support to run indispensable furnish it with “complete and existent accusation regarding the archetypal integer plus offering projects, concern program and feasibility study.”

The draught papers indispensable besides springiness a little statement of the archetypal integer plus offering, the worth of each token, and the privileges it gives to the buyer. The usage and allocation of the funds indispensable besides beryllium stated therein, the SEC said.

White Paper Disclaimer

Concerning achromatic papers of archetypal integer plus offering projects, the committee said the papers should person a disclaimer stating this does not correspond an connection to sell. Once the required documentation has been filed, the SEC volition reappraisal it to marque a determination.

[The Commission shall] reappraisal aforesaid wrong 30 days from receipt to find whether the integer plus projected to beryllium offered, constitutes a ‘security’ nether the Investment and Securities Act 2007.

After a determination is made, the SEC volition pass this to the issuer wrong 5 days of the decision of the review.

Besides explaining the steps prospective issuers of integer currencies indispensable take, the committee besides lists the requirements and limits that indispensable beryllium adhered to. For an applicant seeking to registry arsenic a DAOP, the caller rules accidental they indispensable wage a filing interest equivalent to $241, a processing interest of $724, and a registration interest of $72,430.

Elsewhere successful its 54-page caller rules document, the committee says a DAOP “shall support a registry of archetypal token holders who subscribed for the virtual assets/digital tokens during the connection play and participate into the register.” On utilizing different level arsenic a host, the SEC said an “Issuer shall not beryllium hosted concurrently connected aggregate DAOP oregon connected an equity crowdfunding platform.”

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