20210216 Nigeria Crypto Ban Nigerias markets regulator publishes set of rules for digital assets

Nigerias markets regulator publishes set of rules for digital assets

– Nigeria’s markets regulator has published 54 pages of regulations for digital assets.
– The Central Bank of Nigeria (CBN) issued a letter last February telling regulated financial institutions in the country to “immediately” close accounts connected to cryptocurrency-related activities.
– Nigeria’s young, tech-savvy population has eagerly adopted cryptocurrencies, often using peer-to-peer trading offered by crypto exchanges to avoid the ban.
– The new rules spell out rules for issuing digital assets and classifies them as securities to be regulated by the SEC.
– The regulations may act as the precursor for a surprise move from the central bank to reverse its approach, providing critical foundations for mass crypto adoption across the country.

 

 

20210216 Nigeria Crypto Ban Nigerias markets regulator publishes set of rules for digital assets
Nigerias markets regulator publishes set of rules for digital assets 3

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