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Nigeria Eases Crypto Restrictions: A Shift in Regulatory Winds šŸŒ šŸ‡³šŸ‡¬

Nigeria Eases Crypto Restrictions: A Shift in Regulatory Winds šŸŒ šŸ‡³šŸ‡¬

#banking
#economy
#crypto
#banking
#digital currency
Nigeria's Central Bank updates cryptocurrency guidelines, signaling a shift from the 2021 outright ban. While banks can now engage with Virtual Asset Service Providers (VASPs), stringent regulations, including licensing by the Securities Exchange Commission, remain in place. The move comes as Nigeria's crypto market maintains its position as Africa's largest, with a 9% YoY growth in transaction volume, reaching $56.7 billion.

In a notable policy shift, Nigeria's Central Bank has revised its stance on cryptocurrencies, easing the ban imposed in February 2021. The updated guidelines allow banks to engage with Virtual Asset Service Providers (VASPs) while enforcing stringent regulations, including licensing by the Securities Exchange Commission. Despite the regulatory hurdles, Nigeria's cryptocurrency market remains robust, experiencing a 9% year-on-year growth with a transaction volume of $56.7 billion between July 2022 and June 2023. This move aligns Nigeria with a few African nations moving towards clearer cryptocurrency regulations, reflecting evolving trends in the global financial landscape. šŸŒšŸ’± 


#NigeriaCrypto #RegulatoryShift #CryptocurrencyUpdate


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