Coindesk
8 months agoBusiness
Nigeria's Central Bank Fleshes Out New Rule Allowing Crypto Firms' Access to Bank Accounts
The Central Bank of Nigeria (CBN) has released guidelines for banks on digital assets, indicating a softened stance on crypto regulation.
The guidelines allow for the opening of accounts for virtual asset service providers, a reversal of the previous ban on servicing crypto firms by financial institutions in Nigeria.
The regulations do not permit Nigerian banks to hold or trade cryptocurrencies on their own behalf, and certain restrictions remain in place for cash withdrawals and third-party checks. [ more ]