A year and a half after Nigeria first expressed its initiative to deal with cryptocurrencies, Nigeria’s regulatory body created new legislation focusing on ownership and ways of issuance of cryptocurrencies.
The new legislation bans Nigerian monetary administrations from contracting or making deals with any sort of cryptocurrency-related firms. Although this isn’t the end of cryptocurrencies in Nigeria, now crypto platforms have to create trust accounts with financial institutions that acquire the assets to trade crypto.
Nigeria’s security body has started to issue licenses to trusted digital asset provider services. Anti-money laundering measures have also been introduced to the situation.