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Why Cryptocurrency businesses should be licensed in Nigeria – IMF

The International Monetary Fund, IMF explained that global crypto trading platforms should be registered or licensed in Nigeria and subject to regulatory requirements.

The Washington-based bank disclosed this in its latest staff report for Nigeria.

The bank warned against the risk of the rapid growth of foreign exchange (FX) trading platforms in Nigeria, which poses new challenges to the country’s financial stability.

The IMF backed Nigerian authorities in their restriction on cryptocurrency platforms in February 2024.

“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 that the Nigerian government restricted Binance and other cryptocurrencies to undermine Naira in the foreign exchange market.

The Securities and Exchange Commission recently delisted the Naira from peer-to-peer market platforms.

Why Cryptocurrency businesses should be licensed in Nigeria – IMF

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