According to Foresight News, according to Bloomberg, Abdulkadir Abbas, director of securities and investment services at the Nigerian Securities and Exchange Commission (SEC), said that the Nigerian SEC is considering allowing token issuance on licensed digital exchanges, which are backed by assets including equity, debt, property but "not cryptocurrency". The Nigerian SEC aims to register fintech companies as digital sub-brokers, crowdfunding intermediaries, robot advisors, fund managers and token issuers. It will not register cryptocurrency exchanges until it reaches an agreement with the central bank on standards. Abbas said that the intended digital exchanges will undergo a year of "regulatory incubation", during which they will only provide skeleton services supervised by the SEC to study their operating model and suitability for providing services in the country. At the same time, Abbas said that by the 10th month of the incubation period, it will be able to decide whether to register the company, extend its incubation period or require the company to cease operations.