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Home Markets Cryptos
CBN TO WORK WITH SEC TO DEVELOP JOINT REGULATORY FRAMEWORK FOR REGULATING
ICOS AND STABLECOINS
by Olumide Adesina
21 hours ago
in Cryptos, Currencies, Markets
Share on FacebookShare on TwitterShare on Linkedin
The CBN is open to creating a regulatory framework for potential implementations
of stablecoins, according to a recently released document seen by Nairametrics.
The document titled “Nigeria Payment System Vision 2025” includes provisions for
regulating initial coin offerings (ICO) and Stable Coins.
The regulation of initial coin offerings (ICOs) and how they can develop into “a
new approach to attract foreign direct investment (FDI) and raise capital” were
covered in the report, suggesting that the apex bank is moving towards
mainstream adoption of cryptocurrencies.
The CBN also said it will engage relevant stakeholders to review and implement
remittance solutions using blockchain technology.
On Stable Coins: Excerpts of the document provide an insight into the apex
bank’s take on stable coins and how they can help facilitate cross-border
transactions.
* “Stable Coin implementations are likely to be successful payment mechanisms.
There is a need to develop a regulatory framework for such implementation
that almost certainly will be used in Nigeria.”
On ICOs: The document also states there is a potential for using ICO technology
as a new method of financing for capital projects (in the wholesale market),
peer-to-peer lending, or crowdfunding (for the retail market), given the
function of ICOs as an asset class. However, it cited the lack of regulation as
a major impediment.
* “Given the lack of regulation around the current generation of ICOs, there is
little desire to adopt them.”
The CBN also suggested ICOs could be turned into financial instruments for
attracting FDIs and raising capital, especially for the Utility Sectors.
* “If implemented properly and supported with the right rules and regulations,
ICOs could be turned into Financial Instruments and Investment Options,
creating a new way to attract Foreign Direct Investment (FDI) and raise
capital.”
* “An interesting use case could be in the Power (utility) sector where people
can crowd-fund a power project initiative by investing money in return for a
coin as equity. Further, the tokens created as in the case of Power could be
used to provide access to power for participants. On one hand, it could be
used as an investment tool and on the other hand, it could be used as a
passage for access to a product or service.”
The document also stated that SEC would need to provide a regulatory framework
since the tokens would be a new asset class.
The Security and Exchange Commission released a digital asset regulation last
May, which provides guidance for the registration of cryptocurrency assets
including ICOs. In the regulation SEC also defines ICOs as Securities Token
Offering – Securities Token Offering (STO)” means any offering and sale of
digital tokens that are considered securities.
However, the broader recommendations indicate the CBN will work with SEC to
jointly develop a regulatory framework for ICO adoption.
“CBN would consider the development of a regulatory framework for potential
implementation of ‘Stable Coin Offerings’. CBN would continue its watching brief
on ICOs as well as work with SEC to jointly develop a regulatory framework in
the event of adoption of an ICO-based investment solution.”
WHAT YOU SHOULD KNOW
The most recent payments system paper implies that the CBN’s attitude toward
privately produced digital currencies is changing, despite its record of
discouraging or prohibiting financial institutions from assisting transactions
that use cryptocurrencies.
* The Crypto community had earlier charged Nigeria’s apex bank with usurping
the authority of the Nigerian Securities and Exchange Commission when the CBN
ordered banks to halt providing services to cryptocurrency firms in February
2021. (NSEC).
* However, the document anticipates a cashless society by 2025 and states that
the CBN and NSEC will co-regulate the digital currency market.
* “CBN would handle payments, but the SEC would need to provide a regulatory
framework since tokens are a new asset class,” the document says.
Download the report here ==> Nigeria Payment System 2025
RELATED
ICOs may be causing a cryptocurrency bubbleJuly 20, 2017In "Business News"
Why January was a bearish month for cryptocurrenciesFebruary 8, 2018In "Cryptos"
Are Initial Coin Offerings (ICOs) dead?January 22, 2019In "Cryptos"
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