Afrigather Nigeria’s Securities and Change Fee (SEC) stated that its consideration has been drawn to a meme coin referred to as “$Davido” allegedly linked to the favored Nigerian singer, David Adedeji Adeleke AKA Davido.
SEC stated, “Please word that the Fee doesn’t recognise $Davido as an funding product or investable asset class beneath its regulatory purview, as such people who patronize it, achieve this at their peril”.
In a press release on its web site, SEC stated “Usually, meme cash are cryptocurrencies impressed by memes and web jokes. They’re typically envisaged as a enjoyable, light-hearted cryptocurrencies promoted via a social media group and generally via superstar endorsements.
“Meme cash are additionally NOT supposed to function a medium of alternate accepted by the general public as cost for items and companies, or as digital illustration of capital market merchandise reminiscent of shares, debentures, items of collective funding schemes, derivatives contracts, commodities or different kinds of economic devices or investments”.
“Most people is hereby suggested that meme cash lack elementary worth and are purely speculative. Most people is additional warned that investing in meme cash, together with $Davido, is extremely dangerous and must be finished with a full understanding of the related threat.
“Capital Market Operators are by this Discover warned to not affiliate with devices that fall outdoors the SEC’s regulatory purview. Such devices mustn’t in any method be distributed or monitored via any capital market mechanism.
“The Fee will proceed to watch developments throughout the ecosystem and won’t relent in deploying its regulatory powers as and when required,” stated SEC.
