Nigeria’s Securities and Exchange Commission (SEC) has pegged the utmost quantity to be raised from Digital Property Providing inside any steady 12month interval at N10billion.
The restrict is contained within the Fee’s New Guidelines on Issuance, Providing Platforms and Custody of Digital Property.
These guidelines, based on the Fee would apply to all issuers looking for to boost capital by digital asset choices.
It outlined Digital Asset as a digital token that represents belongings akin to a debt or fairness declare on the issuer; and embrace in Preliminary Coin providing and different Distributed Ledger Know-how provides of digital belongings.
The New Guidelines acknowledged that the issuer should display that the gross proceeds to be raised from the digital asset providing can be enough to undertake the venture as proposed within the white paper.
It mentioned, “An issuer might solely elevate funds topic to the next restrict: Twenty instances the Issuer’s shareholders’ funds i.e., the utmost quantum of funds permitted to be raised inside any steady 12month interval, topic to a ceiling of N10bn or every other ceiling because the Fee might decide now and again.
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“The issuer shall display that the gross proceeds to be raised from the digital asset providing can be enough to undertake the venture as proposed within the white paper.
“Within the occasion that the quantity raised is under the soft-cap, the Issuer shall refund all monies collected from the token holders inside 5 enterprise days from the provide cut-off date.”
On the funding restrict, the Fee acknowledged within the doc that an individual might spend money on an preliminary digital asset providing topic to the assorted limits.
For certified institutional and excessive internet value buyers, it famous that there might be no restriction on funding quantity.
However for retail buyers, the doc mounted a most of N200,000 per issuer with a complete funding restrict not exceeding N2m inside a 12-month interval
It mentioned, “An individual might spend money on an preliminary digital asset providing topic to the next limits:
“For certified institutional and excessive internet value buyers, no restriction on funding quantity; and for retail buyers, a most of N200,000 per issuer with a complete funding restrict not exceeding N2 million inside a 12-month interval.”
