The Central Bank of Nigeria (CBN) has lifted the restriction on crypto assets and urged banks to disregard the initial ban on cryptocurrency transactions.
CBN’s Director of Financial Policy and Regulation Department, Haruna Mustafa in a circular said current trends globally have shown the need for crypto regulation.
“The CBN, in February 2021 issued a circular restricting banks and other financial institutions from operating accounts for cryptocurrency service providers in view of the money laundering and terrorism financing (ML/TF) risks and vulnerabilities inherent in their operations as well as the absence of regulations and consumer protection measures,” Mustafa said.
“However, current trends globally have shown that there is a need to regulate the activities of virtual assets service providers (VASPs) which include cryptocurrencies and crypto assets. Following this development, the Financial…
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