Nigeria’s Central Bank Now Requires Offshore Stablecoin Issuers to License Locally
By Unchained
AI summary of the source article
The Central Bank of Nigeria has issued new rules requiring offshore stablecoin issuers to incorporate and obtain a license locally to serve Nigerian users, eliminating foreign license exemptions.
Key facts
- Foreign-currency stablecoin issuers must incorporate in Nigeria, secure a Central Bank of Nigeria license, and hold at least 15 billion naira in paid-up capital.
- Naira-referenced stablecoin issuers require at least 10 billion naira in capital and must keep at least 20% of reserves as a cash deposit at the central bank.
- The regulations ban algorithmic stablecoins and impose minimum fines of 100 million naira plus 1 million naira daily for operating without a license.
Source excerpt · Unchained
Central Bank of Nigeria rules that took effect Nov. 5 require stablecoin issuers serving Nigerians to incorporate locally, hold at least 10 billion to 15 billion naira in capital and back tokens with 2% extra reserves. The post Nigeria’s Central Bank Now Requires Offshore Stablecoin Issuers to License Locally appeared first on Unchained .