Why Cryptocurrency businesses should be licensed in Nigeria – IMF

Global cryptocurrency trading platforms should be licenced or registered in Nigeria and subject to regulatory regulations, according to the International Monetary Fund (IMF).

This was revealed by the Washington-based bank in its most recent Nigerian staff report.

The bank issued a warning about the dangers associated with the swift expansion of foreign exchange (FX) trading platforms in Nigeria, which presents fresh difficulties for the stability of the nation’s finances.

In February 2024, the IMF supported the Nigerian government’s decision to impose restrictions on cryptocurrency platforms.

“Staff recommends that global crypto trading platforms be registered or licensed in Nigeria and subject to the same regulatory requirements applicable to financial intermediaries, following the principle of the same activity, risk, and regulation.”

Recall how the Nigerian government imposed restrictions on Binance and other cryptocurrencies in an attempt to devalue Naira in the international currency market.

The Naira was recently delisted from peer-to-peer trading platforms by the Securities and Exchange Commission.

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