简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Nigeria’s apex bank has unbanned Nigerian banks from facilitating crypto transactions after almost two years of enforcing a ban on their engagement with digital currencies. A few days ago, the Central Bank of Nigeria (CBN) sent a circular to banks, recognizing that the rise in global demand and adoption of crypto requires removal of the restrictions placed on financial institutions.
Nigerias apex bank has unbanned Nigerian banks from facilitating crypto transactions after almost two years of enforcing a ban on their engagement with digital currencies. A few days ago, the Central Bank of Nigeria (CBN) sent a circular to banks, recognizing that the rise in global demand and adoption of crypto requires removal of the restrictions placed on financial institutions.
“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,” reads the circular.
According to the statement, current trends across the world have shown the necessity of regulating virtual assets service providers (VASPs) activities, including cryptos and crypto assets.
They are introducing guidelines meant to establish minimum standards and requirements for the establishment of banking relationships and opening accounts for virtual asset service providers (VASPs) in the country.
Furthermore, they are trying to facilitate powerful risk management practices across the banking industry as regards licensed VASPs activities. However, CBN emphasized that financial institutions are not allowed to trade, hold, or conduct transactions in crypto using their own accounts.
Participants in the Nigerian crypto space turned to peer-to-peer (P2P) platforms after the ban in 2021.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
LMAX Group, a provider of institutional trading venues for foreign exchange (FX) and digital assets, has substantially enhanced its FX product suite with the introduction of Non-Deliverable Forwards (NDFs), addressing the escalating demand for such instruments, notably in the Asia Pacific region.
A Malaysian retiree lost nearly five million ringgit after being deceived into investing her life savings in a fraudulent scheme.
Cyprus-based Traders Trust has joined the growing trend of forex and contracts for differences (CFDs) brokers entering the prop trading market. The retail broker has now launched its prop trading services under the new brand, TradingCult.
ASIC cancels XTrade.AU's AFS license after findings of client exploitation and regulatory breaches, leaving the company under review by AAT.