Crypto Regulations in Kuwait

Authorized

Nigeria’s Securities and Exchange Commission (SEC) published the “New Rules on Issuance, Offering Platforms and Custody of Digital Assets” on its website.

The 54-page document lays out registration requirements for digital assets offerings and custodians and classifies the assets as securities regulated by the SEC.

The Nigerian Securities and Exchange Commission states in its 2020 ruling that crypto assets are by default securities unless proven not to be by the issuer. Under its rules, crypto-assets fall into four categories and depending on the classification, are subject to different taxes. Non-fiat virtual currencies are commodities and so are utility tokens that have no security characteristics.

Tokens that represent physical underlying assets, shares in companies, dividends or any of the characteristics traditional securities have are deemed securities. Derivatives (LPs, ETF tokens, leveraged ones, etc.) are classified as investments.

Source: Cointext

The SEC said no digital assets exchange would be allowed to facilitate the trading of assets unless it had received a “no objection” ruling from the commission.

The list of requirements can be found here

Regulations of

– Sales
– Payments
– Anti Money Laundering
– Inheritance
– Mining
– Staking
– Reporting
– Use in Retirement accounts

Recent developments

Notable Hacks / Frauds / Scams

Uganda police arrested crypto scammers

The central Bank of Uganda invited the Blockchain Association to join the regulatory Sandbox