Jul 13, 02:37 PM

Nigerian SEC Urged to Regulate Bitcoin and Ether as Commodities, Mandates Local Offices for Crypto Firms

The Nigerian Securities and Exchange Commission (SEC) is being urged to classify Bitcoin and Ether as commodities to establish a clear regulatory framework. This comes as the Nigerian SEC mandates crypto firms to open local offices for participation in a regulatory sandbox. Experts are advising Nigeria to regulate Bitcoin and Ether as commodities, following recommendations from the Financial Action Task Force (FATF) to establish virtual asset sector regulatory frameworks. Lucky Uwakwe, chairman of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), emphasized the need for specific guidelines for these digital assets, following an Illinois court ruling.

#SEC #Bitcoin #Ether #Nigerian SEC #Nigeria #Financial Action Task Force #FATF #Lucky Uwakwe #BICCoN #Illinois

Written with ChatGPT (GPT-4o).

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Nigerian SEC Urged to Regulate Bitcoin and Ether as Commodities, Mandates Local Offices for Crypto Firms

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