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Dec
24
2023
By The African Mirror
Nigerian central bank lifts ban on crypto trading

Nigerian central bank lifts ban on crypto trading

BUSINESS
NIGERIA'S central bank has lifted a ban on transacting in cryptocurrencies while saying global trends had shown a need to regulate such activities, the bank said in its latest circular. The Central Bank of Nigeria (CBN) in February 2021 barred banks and financial institutions from dealing in or facilitating transactions in crypto assets, citing money laundering and terrorism financing risks. Subsequently Nigeria's Securities and Exchange Commission (SEC) in May last year published regulations for digital assets that signalled Africa's most populous country was trying to find a middle ground between an outright ban on crypto assets and their unregulated use. In a…
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Oct
21
2022
By The African Mirror
South Africa moves to regulate crypto assets

South Africa moves to regulate crypto assets

BUSINESS
SOUTH Africa's financial watchdog has classified cryptocurrency assets as financial products, a notice in the government gazette said on Wednesday, enabling them to be regulated. In the brief notice, the Financial Sector Conduct Authority (FSCA) said a crypto asset, which it referred to as "a digital representation of value", must be regulated in South Africa from the date of publication. Regulations that the authorities have said they planned to introduce include applying foreign exchange controls and licensing crypto trading companies. Financial watchdogs across the globe have been grappling with how to regulate new digital currencies and tokens, the prices of…
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