Nigeria equates cryptocurrencies to securities

The Nigerian Securities and Exchange Commission (SEC) has published new rules for regulating cryptocurrencies and equated them to securities.

The rules include registration requirements for trading platforms. Exchanges must have a minimum paid-in capital of $1.2 million.

Registered sites are required to provide the regulator with a list of assets and obtain approval for each. The SEC is asking exchanges to adhere to “fair, reasonable and transparent” fee policies.