CBN sets new rules for stablecoins issuers and wallet provider's

[Chibit01]

You can read the full details here: https://www.cbn.gov.ng/Out/2026/CCD/REGULATIONS%20FOR%20THE%20OPERATIONS%20OF%20NON-SECURITY%20VIRTUAL%20ASSETS%20IN%20NIGERIA.pdf

New rules from Nigeria’s Central Bank (CBN) will require foreign-currency stablecoin issuers, including companies behind dollar-pegged tokens such as USDT and USDC, to maintain at least ₦15 billion ($11.16 million) in paid-up capital to operate in Africa’s largest cryptocurrency market.

The rules, released Thursday evening, will require foreign stablecoin issuers to establish licenced entities in Nigeria and comply with local capital, reserve, and operational requirements or risk losing market access. The CBN also set a ₦10 billion ($7.44 million) minimum capital requirement for issuers of naira-backed stablecoins.

The regulations come nearly three months after the CBN opened the second cohort of its regulatory sandbox in August, creating a dedicated track for stablecoin issuers and other virtual asset companies to test their products under its supervision for the first time.

The part that caught my attention is where they include both non-custodial wallets to acquire a licence as they list them under private key generation and administration? Do they expect software developers like Electrum, sparrow and blue wallet, etc to come and get licenced in Nigeria since we majorly make use of these wallets.

[hmbdofficial]

https://bitcointalk.org/index.php?topic=5599081.msg67318033#msg67318033

I think this discussion already started here and you really do not have to create another thread with similar discussion again.
I think it’s better you continue to discuss on the first thread I have provided you with the link here.
You may lock this one.

[Wiwo]

Omo, the ₦15 billion $11 millions capital for cryptocurrency platforms like exchanges is quite right for the capital and liquidity provision for those exchanges in case of a crisis, like hacks, at least the customers' funds are safe with the CBN, just like the operations of banks in Nigeria.

Where there can never be a collaboration is where the seek to regulate P2P transactions, that is entirely decentralised and government through CBN can't control citizens P2P transactions, just same as government can't monitor cash transactions in physical form format.

From these new guidelines, I can see that CBN is still far behind in getting the right regulatory framework for cryptocurrency in Nigeria.

[Bitcoin-Forever]

Africans are still sleeping when we are expected to take the lead and minimize our full dependency on foreign currencies, but this will not happen until we learn our lessons the hard way.

Now they have made it a thing of concern to concentrate their attention on some of these centralized platforms, and that is why you could not see them making a cognitive concession with Binance until they finally parted ways; there is nothing they can offer us that will be as good as when we are in charge of what belongs to us and does not rely on any centralized platform to determine what we are going to do.

If you like to take your privacy seriously and if you like to consider using a centralized platform and being subjected to their regulations in this manner, you will definitely be on the run.

[Cryptomultiplier]

Omo, the ₦15 billion $11 millions capital for cryptocurrency platforms like exchanges is quite right for the capital and liquidity provision for those exchanges in case of a crisis, like hacks, at least the customers' funds are safe with the CBN, just like the operations of banks in Nigeria.

Where there can never be a collaboration is where the seek to regulate P2P transactions, that is entirely decentralised and government through CBN can't control citizens P2P transactions, just same as government can't monitor cash transactions in physical form format.

From these new guidelines, I can see that CBN is still far behind in getting the right regulatory framework for cryptocurrency in Nigeria.

The CBN is really way behind in terms of the kind of regulations they bring up and expect people to abide by. How do they expect open source P2P software tools that us outside the boundaries of traditional institutional licencing to fall under such new regulations when they can exist clearly without them?

It makes no sense really for government to try to want to control open source tools because it's just a wasted effort in trying to accomplish nothing.

 

[promise444c5]

The part that caught my attention is where they include both non-custodial wallets to acquire a licence as they list them under private key generation and administration? Do they expect software developers like Electrum, sparrow and blue wallet, etc to come and get licenced in Nigeria since we majorly make use of these wallets.

Can you include this part to be part of your quote.. I tried skimming but  couldn’t found it. Although I was lazy to check everything, too much of pages to read.

Depends on what’s written but you may have misterpreted it, they are most likely still referring to the stable coin issuers since.. tether has a claimed “self-custody” wallet so it could be related to that or the apps control by the issuers. Unless, they have zero clue about what they typed and published..won’t be surprised if that’s the case either.

Electrum is Bitcoin only btw..

[Mayor of ogba]

The CBN is really way behind in terms of the kind of regulations they bring up and expect people to abide by. How do they expect open source P2P software tools that us outside the boundaries of traditional institutional licencing to fall under such new regulations when they can exist clearly without them?

It makes no sense really for government to try to want to control open source tools because it's just a wasted effort in trying to accomplish nothing.

This current Nigeria government is evil and wicked, since they want to regulate P2P transactions it's let for the centralized exchanges that offers P2P service to Nigerians not allow that to happen because they will push those exchanges so hard for them to give out the transactions details of Nigerians that carries out P2P trade on their platform and if they refuse doing that, Nigerians might be remove from carrying out P2P transactions from those platforms just the way we were removed from Binance and Kucoin P2P.

[Curious T]

The part that caught my attention is where they include both non-custodial wallets to acquire a licence as they list them under private key generation and administration? Do they expect software developers like Electrum, sparrow and blue wallet, etc to come and get licenced in Nigeria since we majorly make use of these wallets.

I couldn't find that part. The article was too big and meaningless for me to read all 170 pages. It would be very stupid of the government to expect non custodial companies to get a license before they can operate in the country. However, it is things as stupid as this that the government does. How do you expect people who don't hold, send or forward user funds to pay for a license? It's ridiculous. I have never heard of any country that asks non custodial wallet companies to pay for a license. Anyway, it's just another law in Nigeria that they will not be able to enforce.