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Crypto-assets now Legal in Nigeria after SEC Landmark ruling

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Crypto-assets now Legal in Nigeria after SEC Landmark ruling

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The Nigerian Security and Exchange Commission has branded cryptocurrencies as securities in a landmark document that will change the way crypto assets are regulated in the African nation.

The document released today highlighted several aspects of cryptocurrency services that will be regulated by the regulatory body.

 According to the document the SEC would regulate crypto tokens and investments that qualify as securities transaction.

Furthermore the Commision of the opinion that all crypto assets are securities until proven otherwise and issuers of cryptocurrencies must provide evidence to the regulatory body regarding their cryptoassets.

SEC to regulate ICOs and Digital assets within Nigerian

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The SEC also explained that it had been empowered to regulate all Initial Coin Offerings (ICOs), Digital Asset Token Offering (DATO), Security Token ICOs and blockchain based offers within Nigeria.

Also all existing digital asset offering platform have been given three months to submit the initial asset filing and documents.

The regulation also extends to individual traders who are involved in blockchain related and digital assets services. Moving on traders are expected to be registered with the SEC and face regulation on their transactions like other securities (stocks and bonds)

The Regulatory body also explained crypto assets as a digital representation of a value that can be used as a medium of exchange, a unit of account or a store of value that does not have legal tender status in any Juridiction.

As expected popular cryptocurrencies such as Bitcoin, Ethereum and Tron fall into this category.

Cryptocurrencies Legal in Nigeria

This ruling by the SEC ends months of speculations regarding the status of cryptocurrencies in Africa most populous Nation. Nigeria has the highest number of  crypto users in Africa with p2p transactions exploding since the turn of 2020.

This has led to the development and rise in both local and foreign exchange platforms offering digital trading services. With this ruling, all crypto platforms would be required by law to register with the SEC for regulation and it is expected that they would be taxed accordingly.

Furthermore, this could be the beginning of concrete steps towards developing a digital Naira with the local currency having been plagued by inflation in recent years.

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129 Comments

129 Comments

  1. Ibrahim Musa

    21/09/2020 at 9:59 pm

    Congratulations my ink family pinkoin is here to stay

  2. Kalu chinomso james

    18/09/2020 at 4:17 pm

    Please I need urgent assistance regards to my logging in difficulty I’m having

  3. Kalu chinomso james

    18/09/2020 at 4:16 pm

    Please I have been trying to login But I can’t coz I forgot my password

  4. sunusi Adamu

    18/09/2020 at 11:44 am

    sunusi Adamu
    11:42
    I sport

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  6. Femzkid

    17/09/2020 at 9:06 pm

    Pinkoin is scammer

  7. Michael Afolayan

    17/09/2020 at 12:18 pm

    I can’t wait to see the Nigeria Government embrace Pinkoin being the first of it kind in Nigeria and Africa at large. I see this coming at the appropriate time.

  8. Musa hafizu

    16/09/2020 at 10:07 pm

  9. Abubakar Kabir

    16/09/2020 at 5:49 pm

    Welcome development to Nigerians.

  10. Chibuzo

    16/09/2020 at 2:44 pm

    First time Nigeria has ever done something great to now i will be proud to say Nigeria is my home

  11. Chibueze

    16/09/2020 at 12:23 pm

    25tron will be how much in Nigeria today

    • Edenz tv

      17/09/2020 at 5:06 pm

      Me. I. Get Tron on. WhatsApp 09048074030

  12. Shehu hussaini takai

    16/09/2020 at 10:03 am

  13. ibrahim A Garba

    16/09/2020 at 9:27 am

    I need to so Agert man how can i getting

  14. Prince

    16/09/2020 at 7:37 am

    Great News
    Nigerian is time to be Free and liberated from debts
    With Pinkoin we are the giant of the world by God’s grace and mercy
    Great nation
    Great people
    Great innovation
    Great minds

    • Anonymous

      16/09/2020 at 2:40 pm

      Indeed we are moving forward brother thanks to Udi

  15. Elemz

    16/09/2020 at 7:25 am

    Inksnation is here to stay, are you still doubting pinkoin existence rush and join us(inksnation) before is too late. ?

  16. Paul

    16/09/2020 at 7:24 am

    Let federal government partner with inksnation to bring poverty and money laundry to an end in Nigeria

  17. Anonymous

    16/09/2020 at 7:21 am

    Wow.. This is a success story for Nigeria.. Congratulations to all pinkoin users.. Nigeria has Justbelieved…

  18. Henry Udeojii

    16/09/2020 at 7:14 am

    With pinkoin in Nigeria we are all covered and Nigeria will definitely become the giant of the world.
    Inks! inks!! inksnation!!!

    One united Global Family.

  19. DAYO

    16/09/2020 at 6:42 am

    Kudos to the entire team….. Weldon.

  20. Victor

    15/09/2020 at 10:17 pm

    I know before for now that Nigeria is more than the giant of Africa is call with pinkoin Nigeria is giant of the world!! Thank you SEC

    • SAMUEL JOSEPH

      16/09/2020 at 2:47 am

      Yes really appreciate SEC

  21. Mandy Seb

    15/09/2020 at 10:14 pm

    A welcome development! Pinkoin success story in view!

  22. Chuks

    15/09/2020 at 10:09 pm

    Wow! Kudos to AMOS SEWANI SPARKS the CEO/UDI of INKSNATION (PINKOIN).
    Let fed government partner with us and watch the glory of NIGERIA being restored within a twinkling of eye.

  23. Shamsu Umar Barde

    15/09/2020 at 8:44 pm

    Yes

  24. Victor Abhalendenokhin

    15/09/2020 at 7:10 pm

    This is very good.
    I think the time of PLATINCOIN.
    is now

  25. Dahiru Muhammed Nasallah

    15/09/2020 at 7:02 pm

    This is a great achievement, l congratulate all pincoin users

  26. Dahiru Abdul Gantsa

    15/09/2020 at 5:16 pm

    We love inksnation,is the solution to the poverty.

  27. Bishop Michael Ajali

    15/09/2020 at 4:33 pm

    Inksnation all d way! I can’t wait to see pinkoin generally accepted to be used in Nigeria, Africa and beyond.Kudos to Sec for good job well done.

  28. Sophie

    15/09/2020 at 3:04 pm

    Pinkoin all the way
    God bless all united family
    God bless UDI
    God bless Nigeria
    Insknation is here to stay

  29. Korede

    15/09/2020 at 2:50 pm

    You tired of spending much on smart contracts? ?
    You scared of spending too much money!? ?
    You want to try something new with less capital!???

    SUPERTRON IS THE WAY ? with just 25tron

    https://supertron25.com/#ref=1255

    • Chibueze

      16/09/2020 at 12:20 pm

      25tron will be how much in Nigeria today

  30. Tsumba Terhile

    15/09/2020 at 2:43 pm

    ZUGACOIN on my mind

  31. Sam

    15/09/2020 at 2:35 pm

    Nigerian nation should embrace digital assets without any delay. Let those in authority employ every machinery to get Nigerians properly educated and skilled to make good money from this market. From my little research on digital assets, we need just a few digital assets experts to proffer solution to Nigerian financial crises.

  32. Jagacology

    15/09/2020 at 1:43 pm

    Is good let the Nigerian government also approve our own local pinkion as a medium of exchange this will really appreciate the value of Naira in no distance time

  33. Mary Opii

    15/09/2020 at 11:58 am

    Good beginning. Platincoin, jboxcoin are a good place to start. Platincoin has over 500.000 members and the interesting part is that you can mint your own money and spend it as you want.
    Jboxcoin is the first video streaming cryptocurrency that pays both content developers and viewers. How would you want to earn money while watching your favorite movie, documentary, LP, soaps etc.
    Welcome to the world of reality.

  34. Taiwo Kazeemn

    15/09/2020 at 11:52 am

  35. Maureen Gbagir

    15/09/2020 at 11:40 am

    Inksnation, Pinkoin! All the way!??

  36. Yunus freshman

    15/09/2020 at 11:36 am

    Please make pinkoin as legal tender it will help us all to eradicate poverty easily

    I stand and stayed with inksnation

    Good bless Nigeria

  37. David ifeolwa Oye

    15/09/2020 at 11:16 am

    Pinkoin is here to stay for we Nigerians, Africans and the world. We are blessed. Join the sailingship to our treasure island.
    Long live inksnation

  38. Ekemini Utin

    15/09/2020 at 10:19 am

    Pinkoin all the way. Can’t wait to use it finally. SEC you’ve done very well.

    • Charity Damon

      15/09/2020 at 11:57 am

      damoncharity4 4@gmail.com.

    • Chuks

      15/09/2020 at 10:14 pm

      Wow! Kudos to AMOS SEWANI SPARKS the CEO/UDI of INKSNATION (PINKOIN).
      Let fed government partner with us and watch the glory of NIGERIA being restored within a twinkling of eye.

  39. Omoju Taiwo

    15/09/2020 at 9:28 am

    This is awesome! At last, the Nigerian government is waking up to embrace, explore and fully live in the 21st Century World which is a DIGITAL WORLD. On this note, I congratulate the Inksnation family, the first African cryto and best poverty eradication and phylanthropic system that, for SEC to have approved of digital money, PINKOIN has finally come to stay. Thus, this will be the greatest financial revolution Nigeria and the entirety of the whole world will ever have.
    Kudos to the Nigerian SEC. Forward Ever! Backward Never!!

    • Fred

      15/09/2020 at 5:28 pm

      Bravo! SEC is doing well. The federal republic of Nigeria should please, embrace & accept PINKOIN as a legal cryptocurrency in Nigeria.

    • Fred Olat

      15/09/2020 at 5:28 pm

      Bravo! SEC is doing well. The federal republic of Nigeria should please, embrace & accept PINKOIN as a legal cryptocurrency in Nigeria.

    • Anonymous

      16/09/2020 at 10:10 am

      Please check SEC findings and report on Pinkoin.

  40. Toyin odewumi

    15/09/2020 at 9:25 am

    Let federal government accept pinkcoin as a legal cryptocurrency in Nigeria.

  41. surajo abdulalim

    15/09/2020 at 9:15 am

    https://signup.sense.chat?kid=1BP8ZF. This link is for famous rapper and entrepreneur AKON Akoin.

  42. Hussaina omale

    15/09/2020 at 9:01 am

    Inksnation is a goal Nigeria will be great again

  43. Anonymous

    15/09/2020 at 8:56 am

    Inksnation is the answer, CBN partner with inksnation to eradicate poverty in Nigeria

    • Muhammad bishir

      15/09/2020 at 6:06 pm

      Yes

  44. David Ogar J

    15/09/2020 at 8:25 am

    David Ogar J as an enterpreneuoer commended SECURITY Exchange Commission SEC. For legalizing Cryptcurrencies in Nigeria at the right time when Nigerians are overwhelme with adject poverty. I think this is a very good innovation that will really lift up many Nigerians out of poverty God bless our President of the Federal Rep of Nigeria, Muhamadu Buhari for allowing this to take place long life Baba.

  45. Anonymous

    15/09/2020 at 8:05 am

    Digital Naira already in existence, all we just have to do is to partner with the most famous and indigenous coin which is first of its kind in Africa and the history of the world…. PINKOIN.

    SEC and CBN should involve INKSNATION and run a legit and smooth agreement on how PINKOIN can be used smoothly. Because, inksnation as at today have over 3 million living nodes and Active users across the country. Much are expected from this. Thank you!

    • Abraham Ekedozie Ifeanyi

      15/09/2020 at 10:32 pm

      Please they have to because it will also improve economy of this country day by day

    • Anonymous

      16/09/2020 at 2:53 am

      Yes I believe that our nation Nigeria have understand very well everything about crypto currency and the most happier thing is that our nation Nigeria will automatically be free from debts

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