Nigeria SEC finally issues crypto regulation.

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...

Nigeria to introduce rules for crypto and the virtual assets sector

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...

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...

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...