Nigeria introduces stablecoin licensing rules and bans algorithmic tokens
CIE News ·
Based on reporting by The Block; not yet independently confirmed.
The Central Bank of Nigeria has issued virtual asset regulations requiring stablecoin issuers to secure local licenses while banning algorithmic stablecoins, according to The Block.
The Central Bank of Nigeria has introduced new virtual asset regulations that require stablecoin issuers and related service providers to secure local licenses, according to The Block. Under the newly issued regulatory framework, the central bank also explicitly bans the use of algorithmic stablecoins within the country.
Key facts
- Central Bank of Nigeria
- Local licenses required
- Algorithmic stablecoins banned
Read the original at The Block