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Nigeria to Regulate Crypto-Currencies to Protect Investors

  • Nigerian regulator says crypto assets are securities
  • It provides alternative assets to investors, Afrinvest says
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Nigeria’s Securities and Exchange Commission said it will regulate trade in digital currencies to provide protection for investors and to ensure that transactions are transparent.

“The general objective of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices,” the Abuja-based regulator said Monday in an emailed statement. The agency said it’s obliged to regulate “when the character of the investments qualifies as securities transactions.”