Tokens but not crypto: Nigeria SEC prepares new digital asset rules

Nigeria, one of the worlds most curious countries about cryptocurrencies like Bitcoin (BTC), is preparing new industry regulations for digital property platforms.The Securities and Exchange Commission (SEC) of Nigeria is thinking about permitting certified digital exchanges to note tokens backed by certain assets, Bloomberg reported on May 1. The main bank also promised to execute stringent penalties to any lending institution or financial institution that stops working to comply with the directive.Related: MetaMask enables direct crypto purchases in NigeriaDespite the restriction, Nigeria has emerged as one of the most active countries in terms of adoption and curiosity about Bitcoin and other cryptocurrencies.According to information from Google Trends, Nigeria ranks No. 2 by search interest for the keyword “Bitcoin,” second just to El Salvador, which embraced Bitcoin as legal tender in 2021. Source: Google TrendsAccording to Chainalysis crypto adoption index, Nigeria was also amongst the top 20 nations in terms of crypto adoption in 2022.