Original sourcetheblock.coAdditional: Finance Magnates
Summary
The Central Bank of Nigeria (CBN) published new licensing rules for stablecoin issuers and non-security virtual asset service providers on November 5, effective the same day, covering activities within Nigeria or affecting its payments, financial, and foreign exchange markets. The rules divide stab…
Key points
- Wallets, card issuers, and remittance providers seeking to enter the Nigerian market can learn the specific capital, reserve, and compliance timeline thresholds.
- This is the first time a major emerging market has tightened stablecoin rules with a full licensing framework, which will directly change product design for cross-border payments and remittances in Africa.
- Wallet, card, and remittance services serving Nigerian users will need local registration, per-token approval, and complete AML and reserve attestation; non-compliant cross-border solutions will face substantial barriers.
Editorial note
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