Nigeria's central bank lifts crypto ban, introduces new regulations

THE Central Bank of Nigeria has survey It is to forbid on cryptocurrency transactions, grateful THE global orient yourself towards regulator digital assets, according to has A recent Reuters report. This move Brands A departure Since THE banks FEBRUARY 2021 decision, which forbidden banks And financial establishments Since engaging In cryptography related activities due has concerns on money whitening And terrorism financing.

THE change In position align with THE Nigerian Securities And Exchange Commissions efforts has establish A regulatory frame For digital assets. In Can last year, THE SECOND released regulations For virtual assets, signage Nigeria intention has balance between A downright crypto to forbid And unregulated use.

Below THE new guidelines issued on Dec. 22, banks And financial establishments are required has open designated accounts And provide regulation services For companies transaction In cryptocurrencies And crypto assets. However, these establishments are always forbidden Since directly trade, holding, Or carry out transactions In cryptocurrencies.

HAS function In THE crypto business, Virtual Active Service Suppliers must get A Licence Since THE Nigerian SECOND. THE CBN circular precise that financial establishments must not open Or function any of them accounts For entities engaged In virtual/digital assets without appropriate designation And adhesion has THE new guidelines.

This policy reversal come in the middle of Nigeria growth cryptocurrency walk, led by A young And tech savvy population. Despite regulatory obstacles, Nigerians to have more and more turned has equals crypto trade has bypasses financial sector restrictions. According to has A report by On-chain analysis, Nigeria crypto transaction volume jumped by 9% Year after year, reach $56.7 billion between July 2022 And June 2023.

Related Posts