By treating Bitcoin and Ether as commodities, Nigerian regulators can establish a more tailored regulatory framework that reflects the unique characteristics of these digital assets.
In light of a recent court ruling in Illinois that classified Bitcoin and Ether as commodities, Nigerian stakeholders are urging the Nigerian Securities and Exchange Commission (SEC) to adopt a similar approach in its regulatory framework.
The call for clarity and proper classification comes as cryptocurrencies play an increasingly significant role in the global financial landscape. Lucky Uwakwe, chairman of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), spoke to Cointelegraph and emphasized the importance of clearly defining the class of crypto assets.
According to the chairman, this approach would provide creators with clear guidelines on where to seek regulation.
