Last updated: January 4, 2024 00:18 EST . 2 min read Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.
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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.