Nigerian SEC Mulling Support for Asset-Backed Tokens Over Crypto

The Nigerian Securities and Exchange Commission (SEC) is considering the authorization of crypto exchanges that offer asset-backed tokens including equity, debt, and property. Notably, the SEC plans to employ this strategy to broaden the market participation in Nigeria. During this time, the regulator plans to maintain the Central Bank of Nigeria's stance to not offer cryptocurrency trading to citizens of the nation. Abdulkadir Abbas, head of securities and investment services at the SEC confirmed the plans of the regulator, saying the commission will “...like to start, as a regulator, with a very simple clear proposal."

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