{"id":22129,"date":"2024-03-07T06:48:27","date_gmt":"2024-03-07T06:48:27","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=22129"},"modified":"2024-03-07T06:48:27","modified_gmt":"2024-03-07T06:48:27","slug":"sec-introduces-new-regulations-to-combat-financial-crime-in-digital-asset-market","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/03\/07\/sec-introduces-new-regulations-to-combat-financial-crime-in-digital-asset-market\/","title":{"rendered":"SEC Introduces New Regulations to Combat Financial Crime in Digital Asset Market"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>The Nigerian Securities and Exchange Commission (SEC) has taken significant steps to strengthen the fight against financial crime in the digital asset market. In a move aimed at enhancing regulation and oversight, the SEC has developed a new Anti-Money Laundering\/Combating the Financing of Terrorism\/Counter-Financing of Proliferation (AML\/CFT\/CPF) onboarding manual specifically tailored for Digital Asset Service Providers (VASPs).<\/p>\n<p>This manual serves as a comprehensive guide for VASPs seeking licensing and registration with the SEC, outlining clear procedures and requirements to ensure compliance with regulatory standards. By implementing stringent measures for screening beneficial owners and preventing criminal infiltration of the capital market, the SEC aims to foster transparency and legitimacy within the digital asset sector.<\/p>\n<p>Key highlights of the SEC&#8217;s regulatory efforts in the digital asset space include:<\/p>\n<ul>\n<li><strong>Clarification of Classification (September 2020):<\/strong> The SEC established its regulatory authority over various types of crypto tokens and derivative instruments, clarifying its position on the classification of digital assets.<\/li>\n<li><strong>Release of Comprehensive Regulations (May 2022):<\/strong> The SEC introduced a comprehensive set of regulations covering General requirements for VASPs, Issuance of digital assets as securities, Digital Assets Offering Platforms (DAOPs), Digital Assets Exchanges (DAXs), and Digital Asset Custodians (DACs).<\/li>\n<li><strong>Amendment and Issuance of AML\/CFT\/CPF Regulations (May 2022 and April 2023):<\/strong> Specific requirements for VASPs were introduced, including Customer Due Diligence (CDD) and Know Your Customer (KYC) procedures, Compliance with the Travel Rule, Submission of Suspicious Transaction Reports (STRs), and Maintenance of comprehensive records.<\/li>\n<li><strong>Establishment of Financial Sanctions Procedures (April 2023):<\/strong> The SEC implemented procedures for imposing targeted financial sanctions against individuals and entities linked to terrorism.<\/li>\n<\/ul>\n<p>The SEC&#8217;s ongoing commitment to regulatory oversight underscores its dedication to fostering a safe and transparent environment for the digital asset industry in Nigeria. These measures are designed to safeguard investors, prevent money laundering and terrorist financing, and promote the sustainable growth of the digital asset market. As the regulations undergo final review, the SEC invites public feedback to ensure effectiveness and inclusivity in the regulatory framework.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The Nigerian Securities and Exchange Commission (SEC) has taken significant steps to strengthen the fight against financial crime in the digital asset market. In a move aimed at enhancing regulation and oversight, the SEC has developed a new Anti-Money Laundering\/Combating the Financing of Terrorism\/Counter-Financing of Proliferation (AML\/CFT\/CPF) onboarding manual specifically tailored for Digital Asset [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":22130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177,180],"tags":[],"class_list":["post-22129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abuja-reports","category-technology"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/22129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=22129"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/22129\/revisions"}],"predecessor-version":[{"id":22131,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/22129\/revisions\/22131"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/22130"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=22129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=22129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=22129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}