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Nigeria’s Central Bank Fleshes Out New Rule Allowing Crypto Firms’ Access to Bank Accounts

The Central Bank of Nigeria (CBN) has released guidelines for banks on digital assets, a sign the country's regulators are softening their stringent stance on crypto. The guidelines, publicized Tuesday on the bank's website, ​​provide greater details on the regulators’ decision to open accounts for virtual asset service providers last month. The rules are an about-face for Africa's largest economy, where a years-long ban once barred financial institutions from servicing crypto firms. “Current trends globally have shown that there is a need to regulate the activities of virtual assets service providers which include cryptocurrencies and crypto assets,” the CBN said Tuesday in a statement.


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