The Nigerian Securities and Exchange Commission (SEC nIGERIA)) has given the green light for NASD PLC to introduce its Digital Securities Platform (N-DSP) under the Regulatory Incubation (RI) Programme.
The platform, which was initially revealed by BitKE to be in the works in 2022, is powered by Blockstation.
Nigeria🇳🇬 NASD OTC Securities Exchange to Launch Tokenized Securities Market
The exchange will specialize in capital formation to fast-track for issuers who seek to:
* Tokenize their assets
* Raise funds
* Connect with a global investor poolhttps://t.co/DOEBIO2R0B pic.twitter.com/yLryGFvsoG— BitKE (@BitcoinKE) June 27, 2022
The BlockStation Digital asset Trading Platform provides a blockchain-based end-to-end, plug-and-play support for listing, trading, clearing, and settlement of digital assets such as Tokenized IPOs and digital currencies for all market participants.
According to NASD, which describes itself as an innovative hub of first call for capital formation in West Africa, the new platform will expedite the process for issuers to tokenize their assets, raise capital, and establish connections with a global network of investors.
The benefit of the platform extends to all participants in the ecosystem, encompassing:
- Issuers
- Brokers
- Custodian banks
- Depositories
- Regulators, and
- Investors
The development comes in the wake of the Central Bank of Nigeria (CBN) lifting the prohibition on digital asset trading. It marks a significant step forward in promoting an era of innovation that not only boosts transparency but also strengthens trust and inclusion in the Nigerian capital markets.
NASD and Blockstation reportedly collaborated with SEC Nigeria to establish a regulatory framework for digital assets.
“Nigeria currently ranks second globally, for blockchain wallets, and our Exchange is poised to support high-quality assets, thriving on the blockchain,” said Eguarekhide Longe, Managing Director, NASD PLC.
“Our objective is to empower millions of young investors with access to promising digital assets, ensuring they can make purchases with confidence in a completely compliant and secure investment environment.”
According to Longe, NASD is paving the way for issuers to raise capital from the public through the use of digital assets, marking a groundbreaking initiative. He further highlighted that this undertaking is poised to have a direct impact on traditional debt and equity markets as well as traditionally illiquid assets.
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