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Author Topic: Breaking NEWS: SEC, Bitcoin now legal (a security) in Nigeria.  (Read 443 times)
CryptopreneurBrainboss
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September 14, 2020, 10:48:25 PM
Merited by d5000 (1), nelson4lov (1), Shasha80 (1), Upgrade00 (1), Coyster (1), Becky666 (1)
 #1

Just came across the news of the SEC of Nigeria wanting to start regulating cryptocurrency and other crypto related companies. I guess they're tired of fighting the movement, so now they have no other option but to join the other countries with young citizens having interest in bitcoin by trying to regulate it. Some months back, It was even a crime just mentioning bitcoin in the country as you would likely get investigated and probably get your account frozen if observed to be trading bitcoin. This was the warning from the Central bank of Nigeria but can't confirm if this came into full effect.

Here's some important key points to note in the SEC document
SEC to regulate ICOs and Digital assets within Nigerian

The SEC 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.

While I'm happy this will reduce the rate of scammers defrauding innocent Nigerians of their funds mostly due to their ignorance and greediness, I'm also having a mixed feeling about this getting abused (manipulated) to their (the government) selfish interested in the sense that they mandate any company wanting to operate in Nigeria to cooperate with them in leaking users sensitive information nevertheless it's a welcome development and I hope for more positive news to come in future...

What's your take on this new development in my country?





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September 14, 2020, 11:04:04 PM
 #2

Well, for me there are some advantages of regulating cryptocurrencies for their country and somehow there will be some disadvantages.

For me, there are more advantages than disadvantages. One of the advantage is the one you mentioned, scams for sure will decrease.
Another one is it may reduce the money laundering, because money laundering is possible to done in cryptocurrency.
Disadvantage for me is some people may start to find difficulty of buying or owning Bitcoin, if they are not so strict, lot of documents needed for some KYC or AML policies. But overall, it's good.





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September 14, 2020, 11:22:20 PM
 #3

Based on what I had read before, Nigeria 7th placer of the most popular country and it has the largest economy in Africa. So I don't have doubt that they also have the largest cryptocurrency usage in their country. And, the good thing now that your government totally embraced cryptocurrency rather than fighting on it, instead, just accept and regulated for a better economy.

Probably instead of having hate in Bitcoin from the variety of fraudulent activities like the Ponzi scheme, they are now regulated and save their people form this fraudulent activity of people in Nigeria.

What's your take on this new development in my country?
Indeed, that's good news. I hope other countries would do the same. Like Bangladesh, as I have heard they are still banning Bitcoin.





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September 14, 2020, 11:49:45 PM
 #4

Based on what I had read before, Nigeria 7th placer of the most popular country and it has the largest economy in Africa. So I don't have doubt that they also have the largest cryptocurrency usage in their country. And, the good thing now that your government totally embraced cryptocurrency rather than fighting on it, instead, just accept and regulated for a better economy.

Probably instead of having hate in Bitcoin from the variety of fraudulent activities like the Ponzi scheme, they are now regulated and save their people form this fraudulent activity of people in Nigeria.

What's your take on this new development in my country?
Indeed, that's good news. I hope other countries would do the same. Like Bangladesh, as I have heard they are still banning Bitcoin.

Nigeria is a good market for the cryptocurrencies. Legalised of bitcoin into the market will increase the trade of that coin. Whenever their will increase in trade of coin, surely it reflect on the price. A sad new for few people is, still banning of bitcoin in Bangladesh. The government doing, because it's very small economic based country.

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September 15, 2020, 02:03:39 AM
 #5

On the positive side, at least cryptocurrency is now being acknowledged in the country. However, I take exception to this[1]:

Quote
The position of the Commission is that virtual crypto assets are securities, unless proven otherwise.

It is because I don't think Bitcoin is a security. Now the problem is that somebody has to argue that Bitcoin isn't a security.

Quote
Thus, the burden of proving that the crypto assets proposed to be offered are not securities and therefore not under the jurisdiction of the SEC, is placed on the issuer or sponsor of the said assets.

I wonder who would appear before the commission and argue that Bitcoin shouldn't be classified as a security when Bitcoin doesn't have an issuer nor a sponsor. Nobody owns Bitcoin. It is not registered under anybody's name.

[1] https://sec.gov.ng/statement-on-digital-assets-and-their-classification-and-treatment/





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September 15, 2020, 02:42:49 AM
 #6

I think every country has an interest in being able to regulate everything related to trade, especially about crypto which we know is very well known and has a lot of impact on every country. but the state also does not want to be trapped by something that is not yet regulated which allows it to determine whether something is legal or not, as well as crypto trading.
because of course there are many problems that will occur besides of course it can benefit the state in collecting taxes from each transaction.

The news is very good, of course, because this will provide changes to the country itself and also to the surrounding countries which might also glance at the pros and cons if it is implemented in their country.

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September 15, 2020, 03:50:40 AM
 #7

I see this as a country with a high percentage of users and an interest in crypto projects around the world. Loosening and regulation will significantly boost people's access to cryptocurrencies even more in Nigeria and regional countries.
I see this project that accepts the Nigerian currency Naira. Maybe this project is from this country.
https://markaccy.io/





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September 15, 2020, 06:08:30 AM
 #8

I watched the cheering news on channelTV yesterday this is indeed a major breakthrough for cryptocurrencies users in Nigeria and they can now have a sign of relief, Regulation of cryptos by SEC is much preferable than outright ban embarked upon by CBN fews years back.
This came at time when there had been an increasing growing numbers of legal bitcoin traders amount the youths which is prominent in the popular forum nairaland and availability of a bitcoin ATM machine in Lagos indicates an increasing number and wider acceptability of cryptos in Nigeria.


 

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September 15, 2020, 07:29:03 AM
 #9

What's your take on this new development in my country?

While it's a good start, I feel that this pretty much applies to every other country that have regulated/ legalized the circulation of crypto.

For those relying on scams, they should be afraid since their activities could be tracked but for us, what is there to hide? If we're mainly trading, that shouldn't raise any red flags.

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September 15, 2020, 08:51:22 AM
 #10

It's a welcomed development in your courntry to legalized cryptoccurrency, and if some other countries will legalized cryptoccurrency especially bitcoin in their domain I hope it will enhance constant rising of bitcoin and increase crypto exchange in crypto market.
I seen with approved the of bitcoin security in "Nigerian" it will make many people to have the interest to invest cryptoccurrency.

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September 15, 2020, 10:07:48 AM
 #11

It is really a good news for Nigerian people who are involved with cryptocurrencies. It will really assists others countries where still cryptocurrencies trade are illegal. They may think its reality and can legalize by imposing some rules.
I see this as a country with a high percentage of users and an interest in crypto projects around the world. Loosening and regulation will significantly boost people's access to cryptocurrencies even more in Nigeria and regional countries.
I see this project that accepts the Nigerian currency Naira. Maybe this project is from this country.
https://markaccy.io/

If crypto legal in a country, new projects will developed from there. It is just start of journey in Nigeria.

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September 15, 2020, 11:23:01 AM
Merited by CryptopreneurBrainboss (2), Upgrade00 (2)
 #12

What's your take on this new development in my country?
Well, this is with mixed feelings for me. Government's interference in a matter like this that it truly doesn't understand in totality has always left a bitter taste in the mouth. If just a few months ago trading cryptocurrency in Nigeria was frowned at by the CBN, what has changed now? Has anything? Perhaps, the Nigerian politicians are jumping on the bandwagon to make a friendly statement on cryptocurrency so they look good in the eyes of the world. However, before now youths in Nigeria were already enmeshed in crypto trade just like they are on Forex Trading too without caring what government position was on it. I sincerely hope this won't be another avenue for politicians in Nigeria to covet revenue from that quarters to their private pockets without actually regulating activities.

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September 15, 2020, 11:43:27 AM
 #13

This is good news overall. Regulations usually start out as stringent, especially if the one imposing them doesn't know much about what they are regulating yet. Eventually, as the government spots the areas that don't require regulating, the resistance will finally start to subside until it's easier for everyone.

I just realized that cryptocurrency is going through the same ordeal as "hemp". The plant is illegal in most parts of the world because of its psychoactive effect. I can't wait for governments to realize that they can get rid of the 1 substance causing the psychoactive effect and take advantage of the 99 other substances that have proven medical benefits.

Whatever it is that's scaring some governments from legalizing cryptocurrency is slowly diminishing. I just hope to see mass adoption in my lifetime.

  
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September 15, 2020, 11:57:50 AM
 #14

This is good news overall. Regulations usually start out as stringent, especially if the one imposing them doesn't know much about what they are regulating yet. Eventually, as the government spots the areas that don't require regulating, the resistance will finally start to subside until it's easier for everyone.

I just realized that cryptocurrency is going through the same ordeal as "hemp". The plant is illegal in most parts of the world because of its psychoactive effect. I can't wait for governments to realize that they can get rid of the 1 substance causing the psychoactive effect and take advantage of the 99 other substances that have proven medical benefits.

Whatever it is that's scaring some governments from legalizing cryptocurrency is slowly diminishing. I just hope to see mass adoption in my lifetime.

  

The more they understand bitcoin or crypto, the more they will be accommodating with this technology. Even if they read all the articles pertaining to bitcoin, if they will not try it first hand, they will not understand the true benefits brought by cryptocurrency. So having bitcoin as legal in Nigeria is a very welcome progress. So these politicians can openly try dealing with bitcoin also, and see the good side of having this crypto.

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September 15, 2020, 12:48:38 PM
 #15

Quote
I'm also having a mixed feeling about this getting abused (manipulated) to their (the government) selfish interested in the sense that they mandate any company wanting to operate in Nigeria to cooperate with them in leaking users sensitive information

This is a salient issue. Regulation is about centralizing a system and that involves identity unveiling. I don't think the Nigerian system is ripe for this they want to dive into.

There are other big issues they should tackle and not to wander into the crypto space. There are electricity challenge, inflation of price of crude oil, health sector in comatose, no good roads available, striking workers etc. They need to tackle basic amenities and gradually learn from technologically advanced country.


Quote
While I'm happy this will reduce the rate of scammers defrauding innocent Nigerians of their funds mostly due to their ignorance

Don't be surprised this might be defeated because of high level of corruption.


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September 15, 2020, 02:59:02 PM
 #16

Bitcoin legalization rate continues to increase. Nigeria has been one of the countries supporting Bitcoin and it is not surprising to see that the government decided to legalize it. Like Nigeria, Russia government is preparing to legalize Bitcoin too. This kind of actions will make cryptocurrencies stronger than before.

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September 15, 2020, 06:53:56 PM
 #17

On one hand, this news brings a feeling of certainty on the position of cryptocurrency. For a number of years now, the legal stance of Bitcoin has been debated in Nigeria and for most of the part, the government was leaning towards making it illegal, with frequent stern warnings at citizens to steer clear from it - So, it's a positive as crypto enthusiasts know the legal position.

Having read through the thread, I agree with the majority opinion, there are positives and downsides to the ruling. The obvious advantage is that it could have been the worse case scenario (crypto being illegal), there would also be less ICO, IEO and STO scams.
Regulation however comes with its fair share of disadvantages;

• If the sector is handled too stringently, growth would be limited i.e, too much regulatory paperworks would frustrate developers.
• Investors could create a false sense of security and begin to scrutinize projects less with the believe that scams would not filter through.
• There is the risk of user data being handed over to government agencies on request as regulatory laws would make it difficult for platforms to reject.
• There's also the issue of wrong classification. The article read that - (paraphrasing) "All cryptocurrencies are considered securities, until proven otherwise", but the description of securities already proves Bitcoin otherwise:
Quote
Security Tokens” (e.g., virtual tokens that
have the features and characteristics of a security. Represent assets such as
participations in real physical underlyings, companies, or earnings streams,
or an entitlement to dividends or interest payments. In terms of their
economic function, the tokens are analogous to equities, bonds, etc.
There is of course no issuer or sponsor to challenge that position for Bitcoin.

We would just have to wait and see how the crypto market reacts...





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ilovealtcoins
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September 16, 2020, 03:06:35 AM
 #18

It is really a good news for Nigerian people who are involved with cryptocurrencies. It will really assists others countries where still cryptocurrencies trade are illegal. They may think its reality and can legalize by imposing some rules.
I see this as a country with a high percentage of users and an interest in crypto projects around the world. Loosening and regulation will significantly boost people's access to cryptocurrencies even more in Nigeria and regional countries.
I see this project that accepts the Nigerian currency Naira. Maybe this project is from this country.
https://markaccy.io/

If crypto legal in a country, new projects will developed from there. It is just start of journey in Nigeria.


The news above is true, I telegram verified with a few friends from Nigeria that crypto and bitcoin regulations are in place. My friend can pay my monthly internet costs with Bitcoin, which is great.
Cryptocurrency related projects are sure, it can be said that the Nigerian market is quite potential. This is also an experiment with cryptocurrencies in a country like Nigeria. Then the effect spread very quickly, just about 10 years later, I am confident that cryptocurrencies will legalize all over Africa, then the whole world.





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September 16, 2020, 04:34:38 AM
 #19

If i am not mistaken You are from Nigeria @Boss right?so with this Congratulation at last Your Country are open in Legalization of Cryptos specially Bitcoin?

ICO must be regulated in My opinion because there are really Tons of Victims from this so having this regulated then the Government has a power over them.
and also this is for the safety of Both investors and ICO company having them overlooked in some cases.

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September 16, 2020, 05:15:22 AM
 #20

I don't think the Nigerian SEC clasiffies bitcoin as a security just like what this topic suggests.

The current ruling needs further clarifications but I can't find anything that suggests it is. The description of securities doesn't match any of bitcoin's features.
Quote
Security Tokens” (e.g., virtual tokens that have the features and characteristics of a security. Represent assets such as participations in real physical underlyings, companies, or earnings streams, or an entitlement to dividends or interest payments. In terms of their economic function, the tokens are analogous to equities, bonds, etc.
- Investing in it doesn't promise any future profits like interest or dividends
- Owning btc doesn't represent ownership of any physical assets


What I read was that crypto assets like bitcoin are classified as commodities and not securities. They are almost the same but still different.
Precious metals are classified as commodities and they are mined just like bitcoin. They're value also depends on the market demand and supply (just like bitcoin).
Quote
Crypto Asset- e.g non fiat virtual currency.Treated as commodities if traded on a Recognized Investment Exchange and/or issued as an investment, and is subject to Part E of SEC Rules and Regulations and any other relevant sections and subsequent Rules which will be enacted in future
- https://sec.gov.ng/statement-on-digital-assets-and-their-classification-and-treatment/ 

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