Nigeria's SEC to Allow Asset-Backed Tokens, Not Cryptocurrency.

Nigeria's Securities and Exchange Commission (SEC) is preparing new regulations for digital asset platforms, considering allowing licensed digital exchanges to list tokens backed by certain assets like equity, debt, or property, but not cryptocurrencies like Bitcoin or Ether. The SEC aims to register fintech firms as digital sub-brokers, crowdfunding intermediaries, fund managers, and tokenized coins issuers, but will not register crypto exchanges until the central bank provides clear regulations for the crypto market. License applicants would undergo a year of "regulatory incubation," allowing the SEC to study their operations and render their services in the country.