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Nigeria SEC Will Support Asset-Backed Tokens: Bloomberg

The Nigeria Securities and Exchange Commission (SEC) will allow tokenizing assets like equities, property, and debt.

According to a Bloomberg May 1 report, the Nigerian SEC’s head of securities and investment services, Abdulkadir Abbas, said the financial regulator is processing applications for digital exchanges and firms. These firms will be sub-brokers for trading tokenized coins backed by assets, fund managers, tokenized coins issuers, and crowd-funding intermediaries.

Any firm that applies will first undergo a probationary period of 12 months, during which the SEC will monitor their services and determine their fitness to operate in the country.

(by Oluwapelumi Adejumo)

Nigeria
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