Nigeria’s Central Bank Lifts Ban on Cryptocurrency Firms’ Bank Accounts

Nigeria’s Central Bank has lifted the ban on cryptocurrency firms opening bank accounts. The reversal of the 2021 order mandates VASPs to be regulated by SEC and deposit 500 million Naira for a license, impacting smaller players in the market.

Nigeria’s Central Bank (CBN) has reversed its stance on cryptocurrency firms, allowing Virtual Asset Service Providers (VASPs) to open bank accounts. However, the move does not overturn the ban on banks transacting in cryptocurrency or holding digital assets.

To operate in Nigeria, VASPs must undergo regulation by the country’s SEC. Additionally, acquiring a license demands a substantial deposit of 500 million Naira, potentially posing challenges for smaller players in the market.

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SourceThe Block

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