The Nigerian Securities and Exchange Commission (SEC) has granted approval to NASD PLC to launch its Digital Securities Platform (N-DSP), powered by Blockstation, under the Regulatory Incubation (RI) Programme. This approval, following the Central Bank of Nigeria’s lift on the ban on trading digital assets, marks a significant move towards fostering innovation in the capital markets, enhancing transparency, trust, and inclusion.
NASD, in collaboration with Blockstation, worked with SEC to shape a regulatory framework for crypto and digital assets. The approval for the NASD Digital Securities Platform (N-DSP) is a notable outcome of this collaborative initiative. The platform aims to empower young investors with access to compliant and secure digital assets.
Eguarekhide Longe, Managing Director of NASD PLC, highlighted the objective to provide a gateway for issuers to raise capital from the public using digital assets, influencing traditional debt and equity markets. The platform is expected to address challenges in areas like infrastructure funding, diaspora investments, tokenization of entertainment assets, and real estate opportunities.
Jai Waterman, CEO of Blockstation, emphasized the transformative era for Nigeria’s economic landscape, with the integration of digital assets and traditional financial institutions. The NASD Digital Securities Platform, powered by blockchain technology, is set to democratize access to capital markets while minimizing costs.
The platform’s operations during the Regulatory Incubation Program will be regulated by SEC and involve market sensitization and public education before going live. A consortium of partners, including NASD PLC, Blockstation, Sophus Consulting, and TK Tech Africa, will facilitate the program with a focus on enhanced controlled and effective implementation.
This development signals a positive shift towards embracing digital securities and innovative technologies in Nigeria’s financial markets.
