Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

American Bitcoin to become public: Will the mining company of Trump BTC boost?

2025-05-13

XRP short-term movements remain uncertain, but 4-hour graph shows strength

2025-05-13

BTC Dominance Shift Sparks Altesean Hype

2025-05-13
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Bridge bridge bridge with the real world

    2025-05-13

    Pancake wap Infinity brings ZK-driven intelligent UX with Brevis

    2025-05-13

    LayerEdge’s Merkle Tree Commitment: Bitcoin Scalability with ZK-proofs

    2025-05-13

    BSC -Validators, Not CZ, Dreef 90% Gas costs reduction, Binance Core Devs explains

    2025-05-13

    Tron and Ethereum fight for the USDT top position

    2025-05-13
  • NFT

    Why this Facebook group places the news on NFTS

    2025-05-13

    Mey Network launches real estate NFTs to invest real estate in the chain

    2025-05-13

    Animoca Brands plans our mention to record ‘unique moment’ of Trump administration: FT

    2025-05-13

    Donald Trump Jr. Splashes rumors about ‘Truth Social’ -Memecoin

    2025-05-13

    Trump’s Crypto -Dinner cost VIP -Aurter $ 4.8 million

    2025-05-12
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    XRP short-term movements remain uncertain, but 4-hour graph shows strength

    2025-05-13

    Crypto -Liquidity lags behind traditional finances despite the profit of market efficiency – S&P Global

    2025-05-13

    US Dollar to fall considerably against the Chinese Yuan in the midst of trade negotiations, according to Goldman Sachs: report

    2025-05-13

    Ethereum Price Dips: Healthy Cooldown or Warning Sign of Bigger Problem?

    2025-05-13

    XRP -price recovers profit, but retains its bullish structure

    2025-05-13
  • Learn

    What Is Proof-of-Work (PoW)?

    2025-05-12

    What Is Proof-of-Authority (PoA)?

    2025-05-10

    What Is Proof-of-Stake (PoS)? A Beginner’s Guide

    2025-05-09

    What Is a Layer-1 (L1) Blockchain?

    2025-05-03

    What is a Layer-2 (L2) Blockchain Network Solution?

    2025-05-02
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Regulation»Nigeria is ending years of restrictions on crypto transactions
Nigeria ends years-long restrictions on crypto transactions
Regulation

Nigeria is ending years of restrictions on crypto transactions

2023-12-23No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

The Central Bank of Nigeria (CBN) has lifted the ban on cryptocurrency transactions in the country, marking a significant reversal from its previous position.

The change was announced via a circular on December 22. Nigerian banks and other financial institutions can resume operations with cryptocurrency service providers.

The initial ban, imposed in February 2021, was issued primarily due to concerns over money laundering and terrorist financing risks associated with crypto assets.

New guidelines for crypto

Under the new guidelines, financial institutions are now allowed to open accounts for companies dealing in virtual/digital assets, but these accounts must be specifically designated for that purpose.

Banks and other financial institutions must comply with the requirements set out in the CBN guidelines when dealing with accounts for crypto-related businesses. Meanwhile, Virtual Asset Service Providers (VASPs) involved in the crypto industry must be licensed by the Nigerian Securities and Exchange Commission.

Although they can facilitate transactions for VASPs, banks and financial institutions are still banned from trading, holding or executing cryptocurrencies on their own accounts.

The lifting of the ban is expected to have a significant impact on the Nigerian financial landscape given the country’s young, tech-savvy population that has shown a keen interest in cryptocurrencies.

According to a report by Chainalysis, the volume of crypto transactions in Nigeria grew 9% year-on-year to $56.7 billion between July 2022 and June 2023.

While the lifting of the ban offers opportunities, it also brings challenges in ensuring compliance with international standards for preventing illegal activities. It underlines the need for a balanced approach that stimulates innovation while protecting against risks.

See also  TechCrunch reporter revises Bitcoin ETF forecast and expects green light next week

Changing tides

Nigeria’s decision is in line with global shifts toward recognizing and regulating cryptocurrencies rather than banning them outright. This reflects an increasing recognition of the potential of digital assets and the need for comprehensive regulatory frameworks.

The Securities and Exchange Commission in Nigeria issued rules in May 2022 to provide a regulatory framework for digital assets and VASPs.

The CBN guidelines are in line with international recommendations, such as those of the Financial Action Task Force (FATF), to regulate the use of virtual assets.

The FATF updated its guidelines in 2018, focusing on the regulation of VASPs to prevent the misuse of virtual assets for money laundering and terrorist financing.

The new rules mark an important step in the recognition and integration of cryptocurrencies into the Nigerian financial system, balancing the need for innovation in digital assets with regulatory oversight to ensure security and compliance.



Source link

Crypto Nigeria restrictions transactions Years
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

American legislators warn Treasury about taxing the non -realized crypto wins of American companies

2025-05-13

Crypto -Liquidity lags behind traditional finances despite the profit of market efficiency – S&P Global

2025-05-13

Fed Council Warns Stablecoins can pose a risk of bank deposits and credit capacity

2025-05-13

Mayor Eric Adams: ‘If you are in Crypto, New York City is open to business’

2025-05-13
Add A Comment

Comments are closed.

Top Posts

Find out what’s behind Injective and INJ’s recent gains

2023-10-21

Crypto firm Arkham Intelligence plans to launch Derivatives Exchange next month: report

2024-10-11

A Beginner’s Guide To Reversal Candlestick Patterns

2023-12-04
Editors Picks

Turbo collects high up to 3 months, but this metric refers to a withdrawal- Why?

2025-04-27

A Complete Guide to Cryptocurrency Analysis

2024-04-16

Pharos launches public test network for its layer 1 blockchain

2025-03-26

Crypto Wallet Tangem expands ecosystem with eight new networks

2024-05-04
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

American Bitcoin to become public: Will the mining company of Trump BTC boost?

XRP short-term movements remain uncertain, but 4-hour graph shows strength

BTC Dominance Shift Sparks Altesean Hype

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$103,997.511.60%
  • ethereumEthereum(ETH)$2,709.0310.64%
  • rippleXRP(XRP)$2.595.17%
  • tetherTether USDt(USDT)$1.00-0.01%
  • solanaSolana(SOL)$184.028.06%
  • binancecoinBNB(BNB)$664.071.97%
  • usd-coinUSDC(USDC)$1.00-0.02%
  • dogecoinDogecoin(DOGE)$0.2404147.48%
  • cardanoCardano(ADA)$0.834.51%
  • tronTRON(TRX)$0.2726212.47%
  • suiSui(SUI)$4.023.99%
  • chainlinkChainlink(LINK)$17.456.67%
  • avalanche-2Avalanche(AVAX)$26.078.41%
  • stellarStellar(XLM)$0.3143523.75%
  • shiba-inuShiba Inu(SHIB)$0.0000167.31%
  • piPi(PI)$1.2918.57%
  • hedera-hashgraphHedera(HBAR)$0.2148373.88%
  • hyperliquidHyperliquid(HYPE)$25.887.71%
  • the-open-networkToncoin(TON)$3.455.53%
  • polkadotPolkadot(DOT)$5.246.33%
  • bitcoin-cashBitcoin Cash(BCH)$412.822.74%
  • unus-sed-leoUNUS SED LEO(LEO)$8.761.35%
  • litecoinLitecoin(LTC)$104.503.31%
  • moneroMonero(XMR)$343.092.43%
  • pepePepe(PEPE)$0.0000149.20%
  • bitget-tokenBitget Token(BGB)$4.832.36%
  • daiDai(DAI)$1.00-0.01%
  • ethena-usdeEthena USDe(USDE)$1.00-0.01%
  • uniswapUniswap(UNI)$7.116.58%
  • bittensorBittensor(TAO)$461.402.05%
  • nearNEAR Protocol(NEAR)$3.276.52%
  • aptosAptos(APT)$6.168.50%
  • aaveAave(AAVE)$238.2810.43%
  • ondo-financeOndo(ONDO)$1.055.04%
  • okbOKB(OKB)$54.862.35%
  • kaspaKaspa(KAS)$0.12250110.20%
  • ethereum-classicEthereum Classic(ETC)$20.868.17%
  • internet-computerInternet Computer(ICP)$5.945.98%
  • vechainVeChain(VET)$0.0323678.05%
  • render-tokenRender(RENDER)$5.326.36%
  • mantleMantle(MNT)$0.823.63%
  • crypto-com-chainCronos(CRO)$0.1030424.91%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2626635.82%
  • official-trumpOFFICIAL TRUMP(TRUMP)$13.597.38%
  • gatechain-tokenGateToken(GT)$22.021.21%
  • ethenaEthena(ENA)$0.44883921.33%
  • arbitrumArbitrum(ARB)$0.4593709.50%
  • filecoinFilecoin(FIL)$3.277.95%
  • celestiaCelestia(TIA)$3.3910.33%
  • algorandAlgorand(ALGO)$0.2494227.66%
  • bitcoinBitcoin(BTC)$103,997.511.60%
  • ethereumEthereum(ETH)$2,709.0310.64%
  • rippleXRP(XRP)$2.595.17%
  • tetherTether USDt(USDT)$1.00-0.01%
  • solanaSolana(SOL)$184.028.06%
  • binancecoinBNB(BNB)$664.071.97%
  • usd-coinUSDC(USDC)$1.00-0.02%
  • dogecoinDogecoin(DOGE)$0.2404147.48%
  • cardanoCardano(ADA)$0.834.51%
  • tronTRON(TRX)$0.2726212.47%
  • suiSui(SUI)$4.023.99%
  • chainlinkChainlink(LINK)$17.456.67%
  • avalanche-2Avalanche(AVAX)$26.078.41%
  • stellarStellar(XLM)$0.3143523.75%
  • shiba-inuShiba Inu(SHIB)$0.0000167.31%
  • piPi(PI)$1.2918.57%
  • hedera-hashgraphHedera(HBAR)$0.2148373.88%
  • hyperliquidHyperliquid(HYPE)$25.887.71%
  • the-open-networkToncoin(TON)$3.455.53%
  • polkadotPolkadot(DOT)$5.246.33%
  • bitcoin-cashBitcoin Cash(BCH)$412.822.74%
  • unus-sed-leoUNUS SED LEO(LEO)$8.761.35%
  • litecoinLitecoin(LTC)$104.503.31%
  • moneroMonero(XMR)$343.092.43%
  • pepePepe(PEPE)$0.0000149.20%
  • bitget-tokenBitget Token(BGB)$4.832.36%
  • daiDai(DAI)$1.00-0.01%
  • ethena-usdeEthena USDe(USDE)$1.00-0.01%
  • uniswapUniswap(UNI)$7.116.58%
  • bittensorBittensor(TAO)$461.402.05%
  • nearNEAR Protocol(NEAR)$3.276.52%
  • aptosAptos(APT)$6.168.50%
  • aaveAave(AAVE)$238.2810.43%
  • ondo-financeOndo(ONDO)$1.055.04%
  • okbOKB(OKB)$54.862.35%
  • kaspaKaspa(KAS)$0.12250110.20%
  • ethereum-classicEthereum Classic(ETC)$20.868.17%
  • internet-computerInternet Computer(ICP)$5.945.98%
  • vechainVeChain(VET)$0.0323678.05%
  • render-tokenRender(RENDER)$5.326.36%
  • mantleMantle(MNT)$0.823.63%
  • crypto-com-chainCronos(CRO)$0.1030424.91%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2626635.82%
  • official-trumpOFFICIAL TRUMP(TRUMP)$13.597.38%
  • gatechain-tokenGateToken(GT)$22.021.21%
  • ethenaEthena(ENA)$0.44883921.33%
  • arbitrumArbitrum(ARB)$0.4593709.50%
  • filecoinFilecoin(FIL)$3.277.95%
  • celestiaCelestia(TIA)$3.3910.33%
  • algorandAlgorand(ALGO)$0.2494227.66%