Nigeria issues crypto-asset rules in a move that could boost adoption
The Securities Exchange Commission of Nigeria has published new rules relating to the issuance, exchange and custody of digital assets in the country. For starters, entities looking to offer any kind of crypto products and services in Nigeria or to Nigerians must now secure a virtual asset service provider (VASP) license.
VASPs must also employ anti-money laundering/combating the financing of terrorism (AML/CFT) standards. Overall, this development could bring legitimacy to crypto and related businesses and ultimately open new doors for crypto usage in Nigeria, which is one of the leading countries for crypto adoption globally.