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The Securities and Exchange Commission (SEC) Statement on the Classification and Treatment of Digital Assets
The Securities and Exchange Commission (“SEC” or “the Commission”) issued an official statement (“the Statement”) on 14 September 2020 on the classification and treatment of Digital Assets (crypto assets such as crypto currencies and tokens). The Statement which communicated SEC’s position, stated that crypto assets are securities which fall under the regulatory ambit of the Commission.
Section 13 of the Investment and Securities Act (ISA), 2007 confers powers on the Commission as the apex regulator of the Nigerian Capital market to regulate investments and securities in Nigeria.
The Statement has dispensed with any ambiguities or inconsistent assertions by establishing that digital assets fall under securities. SEC has classified these digital assets in order to regulate them and protect investors.
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