The cross examination of the First Prosecution Witness, PW1, Abdulkadir Abbas, in the ongoing trial of Binance Holdings Limited and its Executive Officer, Tigran Gambaryan, before Justice Emeka Nwite of the Federal High Court, continued on Tuesday, July 2, 2024.
The witness said activities of any virtual assets provider or digital assets services not captured by the Security and Exchange Commission’s regulatory Act of 2007 and that any provider that didn’t pay any registration fee to the regulatory body before starting its operation in the country is not under the regulation of the SEC.
Led in evidence by the first defence counsel, Babatunde Fagbohunlu, SAN, on whether there is a provision for application, registration and processing fees to Virtual Asset Services providers, Abbas answered in the affirmative but added that there was no provision for application or registration fees for any Digital Asset Offering Platforms because it is generic term.
Continuing, the second defence counsel further queried the essence of issuing rules and whether it is to guard the market or to provide clarity. Abbas explained that the SEC is mandated to make rules and regulations in proportion to the Investment and Security Act, and that the rule is meant to govern the capital market stating that the whole essence is to regulate the capital market.
“You can either come and apply as Digital Asset Offering Platform , or seek registration as Digital Assets Exchanges , or Digital Assets Custodian , and that is why in that sense, we provided for registration and filing fees for those specific functions but we did not provide fees for Virtual Assets Service providers because it’s generic,” he said.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheNationNews - 🏆 6. / 69 Read more »
Source: thecableng - 🏆 2. / 80 Read more »