Has Nigeria’s Central Bank started licensing stablecoins? Naira-pegged and foreign-currency-pegged coins are in two classes; algorithmic stablecoins are out
The Central Bank of Nigeria (CBN) has posted the “Nigeria Non-Securities Virtual Assets Operating Regulations” on its official website. Here are a few key points on stablecoins:
1. They are divided into two classes: Class 1 is pegged to the naira, while Class 2 is pegged to other currencies. Each requires its own issuance licence, and issuers must be companies registered in Nigeria.
2. Class 1 stablecoins must be pegged 1:1 to the naira and fully backed by eligible reserve assets denominated in naira.
3. Prohibited tokens that may not be issued, offered, distributed or traded locally include: algorithmic stablecoins; coins pegged to fiat currency but backed primarily by other virtual assets; and coins that call themselves stablecoins but do not give holders the right to redeem at face value.
4. Licensed stablecoins must not be advertised as bank deposits and are not covered by deposit insurance.
5. Division of responsibilities: securities virtual assets fall under Nigeria’s SEC; the Central Bank oversees non-securities virtual assets and related services, including payments, settlement, remittances, foreign exchange and custody.
A reality check: the text of the regulations does not name any specific coin, so don’t read this as “Nigeria has banned USDT.” Who will get a licence and when the rules will take effect depend on subsequent approvals. I couldn’t verify the minimum capital amount circulating online in the text of the regulations, so I’m not including it.
#稳定币 #尼日利亚 #Regulation
The Central Bank of Nigeria (CBN) has posted the “Nigeria Non-Securities Virtual Assets Operating Regulations” on its official website. Here are a few key points on stablecoins:
1. They are divided into two classes: Class 1 is pegged to the naira, while Class 2 is pegged to other currencies. Each requires its own issuance licence, and issuers must be companies registered in Nigeria.
2. Class 1 stablecoins must be pegged 1:1 to the naira and fully backed by eligible reserve assets denominated in naira.
3. Prohibited tokens that may not be issued, offered, distributed or traded locally include: algorithmic stablecoins; coins pegged to fiat currency but backed primarily by other virtual assets; and coins that call themselves stablecoins but do not give holders the right to redeem at face value.
4. Licensed stablecoins must not be advertised as bank deposits and are not covered by deposit insurance.
5. Division of responsibilities: securities virtual assets fall under Nigeria’s SEC; the Central Bank oversees non-securities virtual assets and related services, including payments, settlement, remittances, foreign exchange and custody.
A reality check: the text of the regulations does not name any specific coin, so don’t read this as “Nigeria has banned USDT.” Who will get a licence and when the rules will take effect depend on subsequent approvals. I couldn’t verify the minimum capital amount circulating online in the text of the regulations, so I’m not including it.
#稳定币 #尼日利亚 #Regulation
