Regulatory Alerts2024-01-02 | FPR/DIR/PUB/CIR/002/003Added · Updated
Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPs)
The Central Bank of Nigeria issues guidelines for financial institutions regarding their relationships with Virtual Assets Service Providers (VASPs). These guidelines aim to regulate VASPs, including cryptocurrencies and crypto assets, due to money laundering and terrorism financing risks. The guidelines outline permissible activities, account operations, risk management, and consumer protection measures. Non-compliance may result in sanctions.