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Regulation & Policy

AN OVERVIEW OF THE NIGERIAN SECURITIES AND EXCHANGE COMMISSION RULES ON ISSUANCE, OFFERING PLATFORMS AND CUSTODY OF DIGITAL ASSETS

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An Overview of the Nigerian Securities and Exchange Commission Rules on Issuance, Offering Platforms and Custody of Digital Assets

In a bid to commence the regulation of digital assets backed securities issuances and the licensing and registration of market participants, the Securities and Exchange Commission (SEC/The Commission) on the May 15, 2022, published its New Rules on Issuance, Offering Platforms, and Custody of Digital Assets (“the Rules”). The SEC has defined a digital asset as any digital token that represents assets such as a debt or equity claim on an Issuer.

Following the Central Bank of Nigeria’s circular in February 2021; prohibiting banks and other financial institutions from undertaking cryptocurrency transactions, facilitating payments or settlement for crypto currency transaction; many cryptocurrencies enthusiast have switched to settlement of cryptocurrency transactions via peer-to-peer platforms whilst the market continues to grow in upward geometric progression. Even though the SEC definition of digital assets extends far beyond cryptocurrencies; the publication of the new rules represents a positive shift which is expected to bolster market confidence, establish standards of operations, and encourage ethical practices that will protect the investor community whilst entrenching fair market practices.

The Rules apply to all Issuers seeking to raise capital via any form of digital asset offerings and other market participants within the Digital Assets value chain.

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SEPTEMBER NEWSLETTER–APCON: POWER TO REGULATE ONLINE ADVERTISING IN NIGERIA – SEPTEMBER 2019

Online advertising involves the delivery of advertorial contents to Internet/online users via web, e-mail, ad-supported software and Internet-enabled smartphones. This mode of advertising differs majorly from terrestrial or offline advertising in that its reach is not limited by space or time – everyone across the world with access to the internet could be a recipient. Apart from its expansive reach, online advertising has become increasingly important to business owners and service providers across the world because in comparison to offline advertising; it is cheaper and more cost-efficient, it offers measurability (the advertisers ability to keep empirical data of the reach and impact of the campaigns) and delivers an unmatched  speed of dissemination…

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