The Securities and Exchange Commission of Nigeria announced that all virtual currencies are securities for forfeit. The assertion was signed on Friday. It says that crypto proposes additional investment methods for people and needs to be managed to guarantee contributor safety and trading uprightness.
SEC explained that the goal of controls is to design norms which will help to make the market open and productive. According to the board, all digital currencies are securities if not evidenced the other way. This means, that from now on, all present and upcoming crypto markets are supposed to get listed with the SEC. If the supplies of the firms aren't securities, they must submit an initial estimation submission with the control body. This process must be done in three months. The SEC didn't give any other details about guidelines and when those will be implemented.
It's worth to mention that other African states also found crypto control necessary. In April South Africa issued a document telling all crypto contributions to stick to established regulation maximally.