The Central Bank of Nigeria changed its decision to block crypto money service providers and reopened the doors of the country of 220 million people to crypto money.
Nigeria has made a decision that will reshape the financial environment in the country. Virtual Asset Service ProvidersHe announced that he lifted the ban covering (VASP). This move by the Central Bank of Nigeria (CBN) More than 220 million Nigerians will affect.
In 2021, the CBN had banned financial institutions from dealing with Virtual Assets Service Providers (VASPs), including cryptocurrencies, citing concerns over financial risks and security. With the change in the ban, Nigeria has aligned itself with global financial trends and responded to the increasing demand for digital asset services in the country.
The new guidelines issued by the CBN aim to carefully re-introduce cryptocurrencies into Nigeria’s financial system. Nigeria complies with international standards against money laundering and terrorist financing, especially Financial Action Task Force (FATF) He stated that he would carry out the process by adhering to the instructions.
While this policy update will allow Virtual Asset Service Providers to operate bank accounts again, Nigerian banks and financial institutions will not be able to deal with cryptocurrencies. direct trading or custody It doesn’t let them do it.