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Nigeria Introduces New Crypto Licensing Rules
Nigeria’s central bank has introduced new licensing and reserve requirements for cryptocurrency companies, tightening oversight of stablecoins and digital asset payment services. The Central Bank of Nigeria (CBN) issued the Regulations for the Operations of Non-Security Virtual Assets, establishing rules for stablecoin issuers, crypto payment providers, exchanges, custodians and other covered service providers. The regulations took effect immediately, with existing operators having 180 days to apply for licenses or authorizations.