Nigeria’s Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) have concluded plans to offer guidelines for Cryptocurrency operators in the country.
The new set of guidelines issued by SEC and the CBN will regulate the licensing, registration and screening of digital and virtual assets service providers (VASPs).
SEC in a notice dated March 4, 2024 said the new measures would ensure that “criminals are not registered as operators” in the capital market.
According to the CBN, VASPs are entities that carry out exchanges between virtual assets (cryptocurrencies) and fiat currencies, as well as the transfer of virtual assets.
The CBN had prohibited Nigerian banks from facilitating cryptocurrency transactions and ordered the closure of all accounts linked to crypto exchanges.
The CBN lifted the ban in December. Weeks after, the government began an intense scrutinisation…
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