Nigerian SEC fit Approve Bitcoin ETF for indigenous Investment Companies?

[Davidvictorson]

My pipo i greet una wella , abeg I wan ask one kind question like that. I nor too sabi this bitcoin and bitcoin ETF thing but I dey hope say at the end of this, I go get small understanding from the comments of wetin pipo wey sabi this thing wella go talk. Now I understand small say bitcoin ETF na like anoda way to take buy and trade bitcoin without owning the actually bitcoin. Correct? Okay. We don dey hear about some kind companies for the abroad wey either don get or go soon get approval from their SEC for this bitcoin EFT thing. For Naija we get very strong investment companies too like the ones wey dey Yankee. My question come be say, e dey possible say our own indigenous investment companies fit still apply for this Bitcoin EFT from our own SEC? Remember say our own SEC no demonize bitcoin like CBN did.

I dey comments dey read una reply

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[Charles-Tim]

Now I understand small say bitcoin ETF na like anoda way to take buy and trade bitcoin without owning the actually bitcoin. Correct? Okay.

Yee, you are absolutely correct.

The company that buy bitcoin and offers bitcoin spot ETF trading, the customer of the company will be able to trade the spot bitcoin ETF without actually having the real bitcoin. So they are not trading bitcoin, they are trading bitcoin spot ETF.

My question come be say, e dey possible say our own indigenous investment companies fit still apply for this Bitcoin EFT from our own SEC?

Yes, it is very possible. Especially if a company or some companies (in countries like United States) bitcoin spot ETF have been approved, like BlackRock that applied for example, and also if Nigerian government regulates cryptocurrencies which is the first and mainly necessary.

Remember say our own SEC no demonize bitcoin like CBN did.

It is not only about SEC, cryptocurrencies need to be legalized and regulated in Nigeria, unlike now that our government has not passed any bill related to crypto regulation.