Nigeria: Closed consultation on amendment to Rules on Issuance, Offering Platforms and Custody of Digital Assets to expand SEC oversight

On 30 December 2024, the Securities and Exchange Commission (SEC) closes its consultation on amendments to its Digital Assets (DA) Rules, which cover the regulation of digital assets and virtual asset services in the Nigerian capital market. These revisions introduce new requirements and expand regulatory oversight to reflect the evolving digital asset landscape. The scope of activities covered under the rules now includes cross-chain transfer services across blockchain networks, asset orders within or outside the blockchain, the placing and distribution of virtual assets, investment advisory services covering digital assets, and portfolio management of digital assets. The amendments also increase regulatory standards for issuers of digital securities, stablecoins, and cryptocurrencies.