BREAKING: CBN Lifts Ban On Cryptocurrency
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
DAILY GIST
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
No Result
View All Result
DAILY GIST
No Result
View All Result

BREAKING: CBN Lifts Ban On Cryptocurrency

Adam PR by Adam PR
December 22, 2023
in NEWS
0
DAILY GIST BREAKING NEWS
21.2k
SHARES
21.2k
VIEWS
Share on WhatsAppShare on TwitterShare on Facebook

The Central Bank of Nigeria (CBN) of Nigeria has finally lifted the restriction on banks from facilitating crypto transactions.

The CBN has also released guidelines for banks and other financial institutions when operating with entities that provide crypto services.

This was contained in a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa.

This directive is coming two years after crypto enthusiasts and companies yearned for the apex bank to lift the restriction, DAILY GIST reports

According to the circular sent to banks and other financial institutions, CBN said it lifted the ban because current global trends have shown that there’s a need to regulate the activities of crypto companies.

It said Section 30 of the Money Laundering Act of 2022 now recognises crypto companies—which it calls virtual asset service providers (VASPs) — as financial companies.

ALSOREAD

JUST IN: CBN Approves Merger Of 2 Popular Nigerian Banks

CBN Speaks On Introducing New N5,000 and N10,000 Banknotes

BREAKING: Supreme Court Stops Monthly Allocations To Rivers State

JUST IN: CBN Announces New ATM Transaction Fees

JUST IN: NCC Disconnects First Bank, UBA, Others Over USSD Debt

It also referred to the guidelines for crypto companies to operate in Nigeria released by the Nigerian Securities Exchange Commission (SEC) in 2022, as another reason why the restriction needed to be lifted.

The circular  partly reads: “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.

“However, current trends globally have shown that there is need to regulate the include providers (V/ASPs) which activities of virtual assets service cryptocurrencies and crypto assets. Following this development, the Financial Action Task Force (FATF) in 2018 also updated its Recommendation 15 to require VASPs to be regulated to prevent misuse of virtual assets for ML/TF/PF Furthermore, Section 30 of the Money Laundering (Prevention and Prohibition) Act, 2022 recognizes VASPs as part of the definition of a financial institution.

“In addition, the Securities and Exchange Commission in May 2022 issued Rules on Issuance, Offering and Custody of Digital Assets and VASPs to provide a regulatory framework for their operations in Nigeria.

“In view of the foregoing, the CBN hereby issues this guideline to provide guidance to financial institutions under its regulatory purview in respect of their banking relationship with VASPs in Nigeria. “

While banks can now facilitate crypto transactions they are prohibited from trading, holding or transacting cryptocurrencies.

Banks are now allowed to open bank accounts for crypto companies, also referred to as VASPs, provide them with designated settlement accounts, and act as channels for FX flows and trade.

However, crypto companies that wish to use banks must have a licence issued to them by the SEC to operate.

According to the SEC VASPs such as crypto exchanges will be required to pay a minimum paid-up capital of ₦500 million ($553,000) and must be registered duly with the CAC.

Crypto companies that also wish to issue tokens must first submit a white paper to the SEC and wait 30 days to know if such tokens can be launched in Nigeria.

Banks are also required to get the BVN of all the directors and owners of the crypto companies using its services. The guideline includes other stringent KYC measures before a VASP can have an account with a bank.

FOLLOW US ON SOCIAL MEDIA

TWITTER — https://x.com/dailygistonline

THREADS —https://www.threads.net/@dailygistonline

FACEBOOK — https://m.facebook.com/oauvoices

INSTAGRAM —https://www.instagram.com/dailygistonline/ 

 

FOR ADVERTS, PUBLICATION AND PROMOTIONS, CONTACT DAILY GIST ON WHATSAPP – 09061956151

Share This News

Tags: BanksCBNCryptocurrency
Previous Post

JUST IN: Tinubu Orders Payment Of 400,000 N-Power Beneficiaries’ 9months Stipends

Next Post

P!g Allegedly Impr3gn@t3s Woman In Texas

Adam PR

Adam PR

AdamPR is a young Blogger, Publisher, Web Designer. For Adverts and Publications, He can be reached on WhatsApp - 09061956151

Related Posts

Nigerian Man Kills His Girlfriend For Money Rituals In Lagos
NEWS

Assistant Headmaster Suspended After He Was Seen F0ndling Student’s Br£asts In Viral Video

October 8, 2025
Bola Tinubu, Petrol Subsidy, Forex
NEWS

BREAKING: President Tinubu’s Minister Resigns

October 7, 2025
Lagos Appoints Mandy Kiss After Failed Mission To Sleep With 100 Men In 24hrs
NEWS

Lagos Appoints Mandy Kiss After Failed Mission To Sleep With 100 Men In 24hrs

October 1, 2025
FG Imposes Tax On Hookup Girls, Yahoo Boys Under New Law
NEWS

FG Imposes Tax On Hookup Girls, Yahoo Boys Under New Law

September 30, 2025
Lagos Govt Asked To Immediately Arrest Mandy Kiss Over Planned Marathon S£x With 100 Men
NEWS

Lagos Govt Asked To Immediately Arrest Mandy Kiss Over Planned Marathon S£x With 100 Men

September 27, 2025
Lagos Appoints Mandy Kiss After Failed Mission To Sleep With 100 Men In 24hrs
NEWS

Adult Content Star, Mandy Kiss Announces Plan To Sleep With 100 Men In 24hrs, Invites Interested Persons To Venue

October 9, 2025
Next Post
Pig Allegedly Impregnates Woman In Texas

P!g Allegedly Impr3gn@t3s Woman In Texas

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TRENDING NEWS

  • VIDEO: Man Flees For His Life After Been Caught Sleeping With Another's Man Wife

    VIDEO: Man On The Run After Been Caught Sleeping With Another’s Man Wife

    25361 shares
    Share 10144 Tweet 6340
  • VIDEO: Female Prison Officer Caught Having S£x With Inmate Inside Cell

    26480 shares
    Share 10592 Tweet 6620
  • Corps Members Reportedly Caught Having Sex In Orientation Camp

    22667 shares
    Share 9067 Tweet 5667
  • VIDEO: Lady’s Br£asts Fall From Her Top While Dancing With Chris Brown At Concert

    21548 shares
    Share 8619 Tweet 5387
  • VIDEO: Lady Disgraced In Lekki After Being Caught Hiding Dollar Bills In Her Private Part

    22988 shares
    Share 9195 Tweet 5747
  • Youths Strip Queen Naked, Beat King, Prince During New Yam Festival In Ondo

    21495 shares
    Share 8598 Tweet 5374
  • Man Caught His Wife Having S£x With Thier Pastor On Matrimonial Bed

    22907 shares
    Share 9163 Tweet 5727
  • I Invited My Friend To Record – Sudent In Viral Sex Tape With Her Teacher Speaks

    21397 shares
    Share 8559 Tweet 5349
  • Assistant Headmaster Suspended After He Was Seen F0ndling Student’s Br£asts In Viral Video

    21327 shares
    Share 8531 Tweet 5332
  • VIDEO: Nigerian Lecturer Caught S3xu@lly Harassing Female Student In A Disturbing Clip

    22445 shares
    Share 8978 Tweet 5611

DAILY GIST reports Latest News in Nigeria and aims to keep Nigerians updated and informed with Reports and Informations in the aspect of Education, Politics, Health, Business, Technology, Jobs, Entertainment. etc

  • Home
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
  • DESIGNED BY ADAMPR
  • Privacy Policy

DAILY GIST © 2020 | All Rights Reserved

No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US

DAILY GIST © 2020 | All Rights Reserved