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Nigeria’s Apex Bank Lifts Ban on Crypto, Issues Fresh Guidelines

On Friday, December 22, the Central Bank of Nigeria (CBN) released a circular containing guidelines on virtual assets service providers (VASPs) to all banks and financial institutions (OFIs) in the country. The circular, signed by the apex bank’s Director of Financial Policy and Regulation Department, Haruna Mustapha, signaled a shift from the CBN’s original position, which restricted crypto transactions. The CBN’s new guidelines allow banks and OFIs to offer services to cryptocurrency users. Circular read: “Current trends globally have shown that there is a need to regulate the services of virtual assets service providers (VASPs), which include cryptocurrencies and crypto assets.”

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