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.
eToro strengthens its Australian market presence with the $80M AUD acquisition of Spaceship, expanding its long-term savings and superannuation offerings.
eToro acquires Spaceship for $80 million AUD to boost superannuation and managed funds in Australia, expanding product offerings and investment accessibility.
Founded in 2011, G4 Markets has positioned itself as a comprehensive investment platform catering to a global audience. Operating under G4 Markets Ltd., an International Business Company (IBC) incorporated in Saint Vincent and The Grenadines, the broker claims to provide a wide array of trading instruments, including stocks, forex, cryptocurrencies, and copy trading.
Explore the concerns raised in negative reviews of FXTM, focusing on withdrawal issues and regulation. Learn what traders need to know before choosing FXTM.