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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

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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72 Comments

72 Comments

  1. buy / sell bitcoin in Nigeria, uae, ghana

  2. 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.

  3. 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!

  4. Oluwaseun O.C

    15/09/2020 at 8:03 am

    Wow so glad to hear this, inknation should be given a massive support because it’s our making and it has good vision for Nigeria particularly and will help strengthen our naira and also eradicate poverty.

  5. abeytwotwo

    15/09/2020 at 7:56 am

    Pinkoin the first of all crytocurrecies in africa, let us collectively promote pinkoin as the source is from Nigeria.Together will alleviate poverty..inksnation on the goal.

  6. ILESANMI GBENGA

    15/09/2020 at 7:53 am

    This is very interesting and it will go a long way boosting our country’s economy most especially inksnation pincoin.

  7. Ola

    15/09/2020 at 7:45 am

    Our problem in Africa is we always celebrate foreign things. I think for the first time let’s encourage local crypto currency. This will help boost African economy. Let’s look inward and support indigenous coins. Pinkoin is having largest users and keep move up everyday. So solution is already here with us. Each crypto coin we use has a great contribution to the maker country economy aside global users benefits.

  8. Yomi Oba

    15/09/2020 at 7:43 am

    TerraCredit had great and good features that can eliminate poverty and creates wealth for every citizen that SEC and our Nation should adopt.

  9. Yomi Oba

    15/09/2020 at 7:40 am

    TerraCredit had great and good features that can eliminate poverty and creates wealth for every citizen that SEC and our Nation should adopt.

  10. Hems

    15/09/2020 at 7:25 am

    Great move by SEC, the next swift move for SEC wud be to tokenize the naira.

  11. Idris

    15/09/2020 at 7:22 am

    I will a change

  12. Adeoye Sunday

    15/09/2020 at 7:17 am

    I pray that God will see us through ijn

  13. Naura

    15/09/2020 at 7:03 am

    Pincoin is the way for Nigeria as I realise

  14. S I Datir

    15/09/2020 at 7:02 am

    By the special grace of God inksation pinkcoin will surely emerge the strongest amongst the cyriptocurrencies in Jesus name.

  15. Charger

    15/09/2020 at 7:01 am

    This is welcome development from SEC.more grease to your elbows.what we needs in Nigeria now is to firstly accept our own crypto currency which so far having 3million active living nodes and by special grace of God it won’t end up with that figures ,but still moving fast.PINKOIN all the way to eradicate poverty

  16. Jeph

    15/09/2020 at 6:59 am

    I know that this news would be read one day, and today is the day. I am waiting for another news (two more); SEC to go online and announce again that they are sorry for calling Inksnation scam and instructing the general public to deal with INKSNATION and accept Pinkoin as a legal tender (means of Exchange). Because whether anyone likes it or not one cannot fight what God has established.

    They also have to know that INKSNATION PINKOIN is not a market based crypto currency rather a USER-BASED crypto currency. Secondly, the algorithm with which PINKOIN was designed to run on is far different from what they already know.
    It’s like trying to convince a child that the earth is Spherical, whereas the child already know that the earth is round (circle).

    Anyway, upgrading on what you already know is possible, and the earlier the better.

    Pinkoin will liberate Nigeria as a country from the huge unpayable debt China has trickily imposed on Nigeria.
    Recently, Inksnation hit 3 million living Nodes on it’s Blockchain Ledger (INKS LEDGER), and that is over 1million users within 2 weeks (from 30 August to 11th September, 2020).

    Higher higher we keep going!!!

  17. XCM

    15/09/2020 at 6:46 am

    Pinkoin all the way!!
    Government should please adopt this pinkcoin….. It can end poverty in Nigeria

  18. Dada Adejare J.

    15/09/2020 at 6:08 am

    Nigeria my country! The one and only Nazareth that can not be out of God’s plan no matter what our leaders think they can do! The Nation Nigeria will stand and not tear apart!
    Blockchain indeed is the solution to corruption! Lets keep praying to God for our leaders to see this and support the vision of Cryptocurrency in our Nation! Especially, with our home-based Cryptocurrency from INKSNATION (PINKOIN)!
    God Bless Nigeria.

  19. Anonymous

    15/09/2020 at 3:37 am

    Be careful joining this business. You will regret later.

  20. sam

    15/09/2020 at 2:55 am

    More good things are yet to happen on how we do business and conduct transaction using blockchain technology. Kudos to SEC. Let support our own brand of cryptocurrency……….insinuation is leading the way.

  21. Anonymous

    15/09/2020 at 2:10 am

    This is the very best news that has made my day. With the Solid foundation ,scope, mission and the vision of Inksnation.PINKOIN IS THE PART WAY TO THE GREATNESS OF THIS NATION.

  22. Hassan Ali

    15/09/2020 at 12:28 am

    The abundance community coin (TACC) not only for African but entire Globe is on her way by Mr. Abundance. SEC, We really appreciate thanks a lot.

  23. Agada Friday

    15/09/2020 at 12:03 am

    This is a good news I have ever heard in the year 2020. Nigerians, congratulations! God had finally done it for us…….. inksNation is already the answer because it’s the first digital naira that have over 3 million nodes.

  24. Murtala Abdal-Rahman

    14/09/2020 at 11:12 pm

    Cryptocurrency is the next domino in the global financial system. Our people should be educated about the Block Chain Technology.
    Several crypto coins abounds currently. One of the leading coins after the Advent of bitcoin is TheBillionCoin (TBC) which is already being used on peer-to-peer exchanges in Nigeria and several other countries. It has millions of solidly registered members across the world. A good coin should have a global appeal.

  25. Richybull

    14/09/2020 at 11:06 pm

    May the almighty God blessed Sec Nigerian for this wonderful step there have taken now we are feeling secure sure for protection, inksnation pinkion is capable of eradicating poverty within a couple of months in Nigeria and Africa nation as a whole may the Lord mighty Allah bless you all

  26. Anonymous

    14/09/2020 at 11:04 pm

    Pinkoin should be legalize

  27. Tersugh Isaac

    14/09/2020 at 10:58 pm

    TBC (The Billion Coin) has every capacity and capability to eradicate the preposterous level of poverty in Nigeria.
    The beseech the Govt. to put into consideration TBC and Pinkoin

  28. Lekan 50/50

    14/09/2020 at 10:39 pm

    Kudos to daddy UDI, for lifting us out of poverty, and for SEC , thanks for accepting crypto currency in Nigeria.More goodies to come

  29. ASILLION

    14/09/2020 at 10:38 pm

    NIGERIA SHOULD LOOK INTO INKSNATION BECAUSE THEY ALREADY HAVE THE CURRENCY NIGERIA NEED, PINKOIN

  30. Anonymous

    14/09/2020 at 10:33 pm

    Inksnation has lay the foundation already and we are very proud to be an inks… SEC should hold on to inksnation as we ride to elevate poverty together so that we should recover our lost glory.. Inksnation has done more than enough to us and we are proud.. Kudos to our ultimate Daddy inks(UDI) we love you..

  31. Don MJ Pro

    14/09/2020 at 10:30 pm

    SEC and CBN should involve The Billion Coin (TBC) run a legit and smooth agreement on how TBC can be used smoothly. Because, TBC as of today has over 4.6 million users across the globe. Thank you!

  32. Aibana fausat

    14/09/2020 at 10:22 pm

    This is so amazing, we have been waiting for this good news, I’m so happy.

    • Daramola Tolulope

      14/09/2020 at 10:48 pm

      Thanks so much for this article and advise.
      I celebrate you so much.

      But I will rather suggest and implore the nation to embrace and adopt PINKION with ultimate zeal.
      Pinkion has over 3 million users across the globe in just about 10-11 months as well.
      Pinkions has a very high tendency and extra potentials of eradicating poverty completely even not only in Nigeria alone but also in any country that embraces it functionality.

    • Omolaja abiodun

      15/09/2020 at 8:34 am

      CBN ALSO TO LOOK INTO INKSNATION, SUPPORT THE SYSTEM AND MAKE NIGERIANS START USING IT.

  33. Osas James

    14/09/2020 at 10:18 pm

    This is a great move, weldone SEC, the nation should adopt pincoin, as this will help eradicate poverty in the nation and will help seculate wealth. This coin also have the ability to battle corruption.

    • Pee

      14/09/2020 at 11:35 pm

      You meant pinkoin

  34. Mubarak mb

    14/09/2020 at 10:17 pm

    Only crypto currency like pinkoin the first world phylantropic can end d poverty in all d nations… Inksnation is goal

  35. Dolladonnaagency

    14/09/2020 at 9:48 pm

    Wonderful move from SEC.
    more of that……please local coin should be well promoted to strengthen the naira and such with better mass acceptance is the PINKOIN from inksnation.
    Be sure that such promotion will not be regretted.

    • Nurudeen383

      15/09/2020 at 2:19 am

      I’m an ink……
      Inksnation is here to stay. To the Yoruba I’m an Yoruba…to the igbo I’m an igbo… To the Hausa I’m an Hausa…..
      Pinkoin is here to do it job.

      SEC/CBN inksnation is a nation and here to eradicate poverty in it nation.
      Thank you

    • Isaac Ekpenyong

      15/09/2020 at 6:02 am

      You’re right

  36. Umar sa'ad wambai

    14/09/2020 at 9:44 pm

    Crypto currency is a welcome idea in terms poverty eradication more especially
    the inksnation pinkoins if you look at their mission and vision,

  37. Festus Ogunyebi

    14/09/2020 at 9:41 pm

    This is a good step at the right time. Blockchain technology is the fourth industrial revolution. Thank God for the leadership of SEC for taking this bold steps at this point of time. ?

    • Anonymous

      14/09/2020 at 11:59 pm

      Kudos to cbn and sec.. inksnation pinkoin is the way forward to get Nigerians back on their feet to be free from poorverty..

    • Ayoola Ezekiel Oluremi

      15/09/2020 at 12:12 am

      Thanks for the update and action of the SEC. This is a right step taken at this time to stem down the tides of corruption in Nigeria.

  38. Alitex

    14/09/2020 at 9:28 pm

    This is great news, inksnation is capable of turning around the fortunes of this country

  39. Chikason

    14/09/2020 at 9:18 pm

    Thanks be to Almighty God for this achievement.

  40. sunday

    14/09/2020 at 9:01 pm

    Pinkoin…….have the way at last????

    • Samstickkz

      14/09/2020 at 9:13 pm

      Lol I guess you are looking for trouble

  41. Ridwanullahi

    14/09/2020 at 8:39 pm

    Try it am assure u we not regret on

  42. Eminence

    14/09/2020 at 8:38 pm

    I must congratulate the SEC for integrating cryptocurrency into tradable securities in the country. I am very positive that this will cause the country a total recovery from financial melt down. I’d advise they give a special attention and support to the inksNation cryptocurrency so as to eradicate poverty in the country. Thanks

    • Sunday

      14/09/2020 at 9:04 pm

      We pray so ooo,make we deliver our country from poverty oooooo

    • Ororo

      14/09/2020 at 10:25 pm

      Now PINKOIN can easily operate strongly in Nigeria

    • SADIQ IBRAHIM OZOHU

      15/09/2020 at 4:16 am

      CONGRATULATIONS TO THE LION OF AFRICA (NIGERIA) INSKNATION DAO FUNDATION PINKOIN CAN BE A RESERVE CURRENCY FOR NAIRA, BECAUSE PRESENTLY OVER 3MILLION NIGERIANS ARE USING CRYPTO CURRENCY (PINKOIN)
      TODAY WE ARE PROUD OF OUR COUNTRY NIGERIA FOR CREATING HER DIGITAL CURRENCY PINKOIN AS A RESERVE CURRENCY FOR NAIRA.ON MY OPINION CBN AND SEC SHOULD PARTNER WITH INKSNATION FOR THE DEVELOPMENT OF NIGERIA DIGITAL ECONOMY RESPECTIVELY.
      USA AND CHINA THEY ARE NOW COPYING NIGERIA BECAUSE THEY HAVE STARTED TESTING DIGITAL RESERVE CRYPTO CURRENCY FOR US DOLLARS… ITS TIME FOR NIGERIA TO STOP BORROWING MONEY FROM OTHER COUNTRIES BECAUSE NIGERIA HAVE PINKOIN AS A RESERVE CURRENCY FOR NAIRA THROUGH BLOCKCHAIN TECHNOLOGY FOR HUMAN ASET.WITH WITH OVER 6 QRCODE ATM MACHINES STILL COUNTING…

  43. Akintunde Michael

    14/09/2020 at 8:37 pm

    This is what we have been waiting for. I’m so glad to hear this

  44. Anonymous

    14/09/2020 at 8:37 pm

    Those inksnation pinkoin involved in the legal crypto currency asset

  45. Easdon Lucid

    14/09/2020 at 8:35 pm

    Pinkoin All The Way ???

  46. Musa Yaro Danqujig

    14/09/2020 at 8:28 pm

    Cryptocurrency is a good development that,the whole world MUST accept and implement nilly willy!

    • Anonymous

      15/09/2020 at 6:52 am

      By God’s grace inksation pinkcoin will emerge the strongest in the world soonest I bet you.

  47. Usman ibrahim

    14/09/2020 at 8:22 pm

    Really the acceptance of cryptocurrency as a medium of exchange will lead the end of poverty all over the world

  48. Smohdmmoshoodsanni

    14/09/2020 at 8:17 pm

    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!

  49. Felix Oke

    14/09/2020 at 8:15 pm

    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!

  50. Ugochukwu

    14/09/2020 at 7:43 pm

    This is a very good and acceptable innovation by SEC. I celebrate our Nigerian SEC for embracing cripto currencies in Nigeria.
    Ugo.

  51. Aronu Frank

    14/09/2020 at 7:39 pm

    Nice one. But I know that this taxation is why they’ve been fighting cryptocurrencies.

    • Abechi Fidelis

      14/09/2020 at 10:43 pm

      God bless Nigeria. This is the biginning of new millionaires in the country.

  52. tayo jubilee

    14/09/2020 at 6:50 pm

    Crypto currency accepaptance will raise set of millionaires and billionaires and end world poverty

    • Brother ink nura abdullahi

      15/09/2020 at 2:15 am

      I’m an ink……
      Inksnation is here to stay. To the Yoruba I’m an Yoruba…to the igbo I’m an igbo… To the Hausa I’m an Hausa…..
      Pinkoin is here to do it job.

      SEC/CBN inksnation is a nation and here to eradicate poverty in it nation.
      Thank you.

    • Nurudeen383

      15/09/2020 at 2:21 am

      I’m an ink……
      Inksnation is here to stay. To the Yoruba I’m an Yoruba…to the igbo I’m an igbo… To the Hausa I’m an Hausa…..
      Pinkoin is here to do it job.

      SEC/CBN inksnation is a nation and here to eradicate poverty in it nation.
      Thank you

    • Anonymous

      14/09/2020 at 8:49 pm

      Yes this is new innovations and good development in Nigeria kudos to SEC for sure only crypto currency can solve the problem of economic stability in Nigeria even worldwide enlarge. We have already have our crypto currency which was already embrace the first highest living nodes crypto currency in Africa which is now more than 3 millions people in Nigeria were the members of inksnation. Let SEC and CBN partner with this wonderful inksnation this innovation was already exists and many Nigeria were really appreciate and enjoy the value that would eradicate poverty in Nigeria, African and the world enlarge.

    • Sirwhite

      14/09/2020 at 9:11 pm

      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!

      • Prof. Ifeanyi Ahuchogu

        15/09/2020 at 5:00 am

        This is what we are yearning for over the years, SEC/ CBN should work out modality to adopt Inksnation Pikcoin which has over 3million people in used already because of its indignity or The Billion Coins (TBC) which has long been in use world wide .as this development would be gearing towards eradication of Poverty in Nigeria and the world over. May God help us Amen.

      • Anonymous

        15/09/2020 at 7:56 am

        Please adopt pinkoin as crptocurrency to end poverty in Nigeria. Thank you.

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