The authority ordered in a report released on the 14th of September that every firm and individuals involved in blockchain-related activities and crypto must be registered.
Although the new order seems to be directed towards new digital assets, the SEC has given a three-month ultimatum to existing ones to meet the registration requirements.
Foreign crypto firms are also required to comply with the rules before setting up a country branch. A senior member of the Stakeholders in the Blockchain Technology Association of Nigeria (SIBAN) has applauded the regulators for making crypto assets an investment opportunity.
However, he believes they should have explicitly stated what securities or investment are instead of just saying that crypto assets are securities until proven otherwise.
He furthered that the approach might cause some problems for investors and the court and regulatory bodies.
Source: Bitcoin.com
