Nigeria’s Securities and Exchange Commission (SEC) has pegged the maximum amount to be raised from Digital Assets Offering inside any steady 12month interval at N10billion.
The restrict is contained within the Fee’s New Guidelines on Issuance, Offering Platforms and Custody of Digital Assets.
These guidelines, in accordance to the Fee would apply to all issuers searching for to elevate capital via digital asset choices.
It outlined Digital Asset as a digital token that represents belongings reminiscent of a debt or fairness declare on the issuer; and embrace in Preliminary Coin offering and different Distributed Ledger Know-how affords of digital belongings.
The New Guidelines said that the issuer should reveal that the gross proceeds to be raised from the digital asset offering would be enough to undertake the challenge 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 maximum quantum of funds permitted to be raised inside any steady 12month interval, topic to a ceiling of N10bn or another ceiling because the Fee might decide from time to time.
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“The issuer shall reveal that the gross proceeds to be raised from the digital asset offering would be enough to undertake the challenge as proposed within the white paper.
“Within the occasion that the amount 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 said within the doc that an individual might spend money on an preliminary digital asset offering topic to the assorted limits.
For certified institutional and excessive internet price buyers, it famous that there’ll be no restriction on funding amount.
However for retail buyers, the doc mounted a maximum 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 offering topic to the next limits:
“For certified institutional and excessive internet price buyers, no restriction on funding amount; and for retail buyers, a maximum of N200,000 per issuer with a complete funding restrict not exceeding N2 million inside a 12-month interval.”
