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CBN Introduces New Guidelines for Cryptocurrency Operations

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12 Jan

CBN Introduces New Guidelines for Cryptocurrency Operations

The Central Bank issues comprehensive regulatory framework for digital assets, marking a significant shift in Nigeria's crypto policy.

The Central Bank of Nigeria (CBN) has released new comprehensive guidelines for cryptocurrency operations, marking a significant departure from its previous restrictive stance. The guidelines establish a regulatory framework for digital asset service providers and outline requirements for licensing and operations. Under the new framework, cryptocurrency exchanges, wallet providers, and other digital asset service providers must obtain appropriate licenses from the CBN and Securities and Exchange Commission (SEC). The regulations require robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. "This framework represents our commitment to embracing financial innovation while protecting consumers and maintaining financial stability," stated CBN Governor Olayemi Cardoso during the announcement in Lagos. Licensed operators must maintain minimum capital requirements ranging from N500 million to N2 billion, depending on the type of services offered. They must also comply with cybersecurity standards and maintain adequate insurance coverage for customer funds. The guidelines establish clear rules for cryptocurrency custody, requiring segregation of customer assets and regular audits. Digital asset service providers must also implement robust risk management frameworks and report suspicious transactions to relevant authorities. Nigeria's large crypto user base, estimated at over 33 million people, has welcomed the development. Industry stakeholders believe the regulations will attract institutional investment and improve market confidence. Local crypto exchanges like Quidax and Buycoins have announced plans to seek licensing under the new framework. International players are also showing renewed interest in the Nigerian market following the regulatory clarity. The CBN has set a six-month transition period for existing operators to comply with the new requirements, with full implementation expected by mid-2025.

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