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In Nigeria, a new bill in the works could allow local regulators to recognize cryptocurrencies as investment capital, according to a report published on Sunday by local media outlet Punch.
If passed, the proposed Investments and Securities (Amendment) Bill, 2007 will also define the supervisory roles of the Central Bank of Nigeria and the Securities and Exchange Commission (SEC) in Regarding digital currencies, Babangida Ibrahim, Chairman of the House of Representatives Committee on Capital Markets and Institutions, told Punch.
Ibrahim did not specify a timeline for the passage of the bill.
Nigeria banned institutions from facilitating cryptocurrency transactions in 2017. The SEC clarified in May that it considers digital currencies to be securities representing assets such as claims or claims on the issuer.
“It’s not that they’re illegal, but we don’t have regulations for them. So those are some of the reasons why we need to review the law and put regulations in place for most of the related activities. derivatives, commodity exchanges, digital currencies and so many other things,” Ibrahim told Punch.
CoinDesk has reached out to Ibrahim for comment.
Read more: Nigeria Plans to Create a Virtual Free Zone with Binance Crypto Exchange
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