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The Securities and Exchange Commission (SEC) has released the proposed Rules on Digital and Virtual Assets Operations, Custody and Markets 2026 (the Proposed Digital Asset Rules or Proposed Rules) for public consultation.
11 October 26
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If adopted, these rules will supersede the 2022 Rules on Issuance, Offering Platforms and Custody of Digital Assets (the 2022 Rules) and all prior SEC rules, guidelines, or circulars relating to the regulation of digital and virtual assets in Nigeria’s capital market.
The Proposed Rules expand the 2022 Rules’ five-part structure, which covered (i) the issuance of digital assets as securities; (ii) the registration of Digital Asset Offering Platforms (DAOPs); (iii) the registration of Digital Asset Custodians (DACs); (iv) the regulation of Virtual Asset Service Providers (VASPs); and (v) the regulation of Digital Asset Exchanges (DAXs), to a broader 18-part framework, including schedules.
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Should you have any questions regarding the information in this legal alert, please do not hesitate to contact Ajibola Asolo, Aaron Alasa, Orinari Horsfall or Imadenobiejeh Adejumo.