Bitcoin and digital assets are legally recognized as securities

Bitcoin and other digital currency are now recognized by Nigerian law this means the government officially acknowledged their existence and that they can be used trade and regulated in the country this acknowledged ment can with the investment and securities act which incorporated digital assets in Nigeria and the financial system it key to know that not all digital assets as general group but only those that fit specific criteria are called securities including things like stock, bonds or investments agreements, and they are regulated to keep investors safe and maintain fairness in the market certain digital assets particularly those created by business or projects to gather funds might be viewed as securities since they guarantee earnings or returns for investors.the securities and exchange commission oversees these kinds of assets to avoid fraud and safeguards the public.

Bitcoin is unique. It does have a central company issuer or guarantee of profit. Because of this, it is typically not considered a regular security. Instead people view it more like a digital commodity or a way to store value, much like gold. While Bitcoin is still technically a security, it is still logically acknowledged and can be traded according to Nigeria law.

In short, Nigeria has officially accepted Bitcoin and other digital currencies. Although some digital assets are viewed as securities, Bitcoin is different because it is decentralized this legal acknowledgement brings clarity to safeguard users, and promotes responsible innovation in the expanding digital assets industry