Highlights Of The SEC Rules On Issuance, Offering Platforms, And Custody Of Digital Assets

Sometime in April 2022, the Securities and Exchange Commission (‘’the SEC’’) released its Proposed Rules on the Registration of Virtual Asset Service Providers (‘’the Proposed VASP Rules’’) and the Proposed Rules on the Issuance, Offering Platforms, and Custody of Digital Assets.

Sequel to the release of the Proposed Rules, on May 13, 2022, the SEC released the New Rules on Issuance, Offering Platforms, and Custody of Digital Assets (the New Rules), as part of its effort to regulate digital/virtual assets such as Bitcoins and NFTs.

The Rules apply to all platforms that facilitate grading, exchange, and transfer of virtual assets whose activities involve any aspect of Blockchain-related virtual/digital asset services; all issuers and sponsors of virtual/digital assets, including foreign and non-residential issuers and sponsors; and any operator that actively targets Nigerian Investors.

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