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SEC GRANTS APPROVAL TO BEGIN TRADING ON DIGITAL ASSETS


Taofik Salako, Deputy Business Editor January 19, 2024
 * 
 * 
 * 

Nigeria’s apex capital market regulator, Securities and Exchange Commission
(SEC), has granted approval to NASD Plc launch its Digital Securities Platform
(N-DSP), paving the way for formal trading in digital assets.

The approval followed the lifting of ban on trading on digital assets by the
Central Bank of Nigeria (CBN) and signified a major stride towards  fostering a
new age of innovation that enhances transparency and deepens trust and inclusion
in the Nigerian capital markets.

NASD in collaboration with Blockstation Incorporation had engaged with SEC to
shape a regulatory framework for crypto and digital assets. The development of
regulations and the subsequent approval for the launch of the NASD Digital
Securities Platform (N-DSP) mark a significant outcome of this collaborative
initiative. The approval was granted under SEC’s regulatory incubation
programme.



Managing Director, NASD Plc, Eguarekhide Longe, said the company’s objective was
to empower millions of young investors with access to promising digital assets,
ensuring they can make purchases with confidence in a completely compliant and
secure investment environment.



“Nigeria currently ranks second globally,  for blockchain wallets, and our
Exchange is poised to supporting  high-quality assets, thriving on the
blockchain,” Longe said.



Chief Executive Officer, Blockstation Incorporation, Jai Waterman, noted that
with Nigeria’s population marked by dynamic economic forces, the confluence of
digital assets and traditional financial institutions signals a transformative
era for Nigeria’s economic landscape.


READ ALSO: LAGOS, AMO FARM PARTNER ON FOOD SECURITY



“The integration of cutting-edge technology to address the needs of, and
captivate the substantially large youthful population, is set to unlock
previously untapped markets. We are confident that this platform will play a
pivotal role in propelling Nigeria into a new era of economic growth and
development,” Waterman said.

Blockstation, as a technology partner, has provided a robust enterprise
blockchain-driven platform, originating and popularizing the importance of
regulated tokenized IPOs, generally called Security Token Offerings (STO’s). The
N-DSP is set to transform the way of issuing, trading, and settlement of digital
securities, democratizing, access to capital markets and leveraging blockchain
technology to enhance accessibility while minimizing costs.





NASD is providing issuers with a gateway to raise capital from the public, 
using digital assets, marking a groundbreaking initiative. This endeavor is set
to directly influence traditional debt and equity markets, along with
traditionally illiquid assets. The opportunity for digital sovereign bonds can
provide the necessary capital for infrastructure while helping resolve forex
challenges in the country.

The diaspora, with $20 billion in annual remittances, can have a promising
window to invest their money back home.

The tokenization of entertainment assets, such as publishing rights, can further
empower and monetize the world’s largest film content creators, For instance, as
Nollywood, currently undercapitalized, new markets like tokenized real estate
and mortgage-backed securities (MBS), can leverage tokenization to address such
challenges, including the 28 million housing deficit, thereby creating a
substantial market opportunity.

The operations of the N-DSP during the incubation programme will be regulated by
SEC and participating institutions, such as custodians, brokers and issuing
houses, will play essential roles during this phase.

The focus has now shifted  to market sensitization and public education before
going Live. It will be facilitated by a consortium of partners, namely NASD PLC,
Blockstation, Sophus Consulting and TK Tech Africa. This sandbox will involve a
limited number of qualified issuers, marking a strategic approach for enhanced
controlled and effective implementation.

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