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Nigeria’s Central Bank Rolls Out Regulations For Financial Institutions Dealing with VASPs
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The Central Bank of Nigeria (CBN) has issued new regulations to guide banks and other financial institutions that offer domestic accounts for virtual assets service providers (VASPs).
In an official circular released on its website on Jan 3, the country’s leading banking regulator rolled out strict rules on all market participants in a bid to protect investors and the economy citing global crypto regulations.
According to the release, following the previous announcement that lifted the ban on cryptocurrency transactions, and the Financial Action Task Force (FAFT) directive requiring VASPs to be regulated to prevent misuse, there is a need for national authorities to set an operational framework.
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