Finally, Crypto-Assets now Legal in Nigeria after SEC Landmark Ruling

According to the document the SEC would regulate crypto tokens and investments that qualify as securities transaction.
Furthermore the Commision of the opinion that all crypto assets are securities until proven otherwise and issuers of cryptocurrencies must provide evidence to the regulatory body regarding their cryptoassets.
SEC to regulate ICOs and Digital assets within Nigerian
The SEC also explained that it had been empowered to regulate all Initial Coin Offerings (ICOs), Digital Asset Token Offering (DATO), Security Token ICOs and blockchain based offers within Nigeria.
Also all existing digital asset offering platform have been given three months to submit the initial asset filing and documents.
The regulation also extends to individual traders who are involved in blockchain related and digital assets services. Moving on traders are expected to be registered with the SEC and face regulation on their transactions like other securities (stocks and bonds)
The Regulatory body also explained crypto assets as a digital representation of a value that can be used as a medium of exchange, a unit of account or a store of value that does not have legal tender status in any Juridiction.
As expected popular cryptocurrencies such as Bitcoin, Ethereum and Tron fall into this category.