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Headline : Nigeria flips the script: Crypto transactions resume with stringent customer checks

Read more from the original article on here at techcabal.com.




Tags : #nigeria #flips #script #crypto #transactions #resume #stringent #customer #checks


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Amid crypto ban, Nigeria is taxing crypto gains | Image source: Pymnts

Nigeria’s Central Bank has removed a two-year restriction on cryptocurrency transactions as it introduces stringent customer KYC and anti-money laundering checks. The CBN banned banks from crypto-related transactions in 2021, citing money laundering and terrorism financing concerns. The regulator has now reversed that ban and taken a positive posture towards digital currency assets, issuing new guidelines to financial institutions for crypto transactions.

“Things are going to be more transparent. People are going to gravitate towards licensed platforms, and very importantly, we would have fewer cases of customers losing money,” said Buchi Okoro, CEO and co-founder of Quidax, a Nigerian crypto platform that offers exchange and over-the-counter trading services.

Based on the new guidelines released on Friday, banks must obtain the bank verification number (BVN) of all directors and owners of crypto businesses that use their services. The rules also mandate cryptocurrency companies to secure a license from the country’s capital markets regulator, the Securities Exchange Commission (SEC). Earlier in May 2022, the Security Exchange Commission issued rules on offering and collecting digital assets. 

Read more from the original article on here at techcabal.com.


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