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...

Experts suggest approaches regulators should adopt in regulating the crypto industry.

There are diverse opinions about the regulation of cryptocurrency around the world. While some believe that regulation is a necessary measure towards protecting investors, others hold that it will inhibit innovation. In some developing countries, industry players feel that the actions of the government are obvious opposition to the growth of the crypto space, despite regulators' claims of trying to ensure...

What the EU Parliament’s proposed amendments to the AML legislation mean for Unhosted Wallets

The European Parliament is moving to amend the anti-money laundering (AML) legislation which will require crypto exchanges to disclose information about their customers' anonymous transactions. The new amendment seeks to bring unhosted digital wallets within the AML's regulatory purview. An unhosted wallet is one that does not fall under the framework of the Financial Action Task Force (FATF) as a licensed...

US Treasury Launches Cryptocurrency Awareness Program; Lessons for Nigeria and other unfriendly crypto jurisdictions

Due to the fast-growing adoption of cryptocurrencies amongst households in the U.S., the U.S. Department of the Treasury is launching an education campaign to raise awareness about the risks of investing in cryptocurrencies. The initiative is targeted at investors who have limited access to mainstream financial services. The Treasury's Financial Literacy Education Commission will be in charge of this initiative, ensuring...