5 Lessons Nigeria and other crypto-unfriendly countries should learn from the Israeli Securities Authority (ISA)’s approach toward crypto regulation

In February 2022, the Israeli Securities Authority (ISA) unveiled its plans to regulate the crypto industry in Israel. As was observed in an earlier report on the ISA’s plans to regulate crypto, Israel as a nation has always taken the lead globally, in technology and innovation. In the blockchain and crypto space, although Israel is not among the first countries in...

PRESS RELEASE: Blockchain Technology is Not Cryptocurrency and Cryptocurrency is Not Unlawful in Nigeria: To All Public Agencies, Law Enforcement Agencies, Banks, and Other Institutions in Nigeria

Nigeria, 6 March 2022—Press release by Crypto Ladies League Blockchain is a technological innovation that is the entire buzz in recent times. The novel technology is poised to redefine several industrial sectors and we are excited to be a part of this revolutionary technology. Crypto Ladies League, a network of women in the blockchain industry seeking to create an ecosystem that...

The Infallibility of the Central Bank of Nigeria and How the Crypto Industry Pays for It

Introduction If the Supreme Court of Nigeria is not infallible, how much more the Central Bank of Nigeria (CBN)? Over the last one year, CBN has been obsessed with cryptocurrencies. Obviously troubled by the increasing adoption of cryptocurrencies in Nigeria and the rate of cryptocurrency transactions completed with the use of bank accounts, CBN issued its 5 February 2021 circular. Crypto...

CBN fines FCMB, Fidelity Bank, and Wema Bank N514 million ($857,000) over cryptocurrency transactions.

The Central Bank of Nigeria (CBN) has fined First City Monument Bank (FCMB), Fidelity Bank Plc, and Wema Bank N514 million because they contravened the CBN circular of 5 February 2021 by facilitating cryptocurrency transactions. So far, this brings total fines against banks in Nigeria over cryptocurrency transactions to a whopping N1.315 billion (up to $2.1 million). The CBN circular of...

CBN fines 3 banks ₦800 million ($1.9million) for failing to comply with cryptocurrency directive.

The Central Bank of Nigeria (CBN) has unleashed heavy penalties on three commercial banks in Nigeria for breaching the Bank's directive of 5 February 2021 to all banks and other financial institutions to stop facilitating cryptocurrency transactions. The affected banks are Access Bank, Stanbic-IBTC, and United Bank for Africa (UBA). A year ago, banks and other financial institutions in Nigeria were...