Nigeria’s VASP licensing fees are ‘economically unrealistic,’ stakeholders say
Nigeria’s SEC published licensing guidelines for VASPs in 2022 requiring N500 million ($525,000) paid-up capital, which stakeholders say is unrealistic for local firms.
Nigeria’s SEC published licensing guidelines for VASPs in 2022 requiring N500 million ($525,000) paid-up capital, which stakeholders say is unrealistic for local firms.
SiBAN President Obinna Iwuno believes Nigeria is taking the proper steps towards becoming a global digital powerhouse and a beacon of blockchain transformation in Africa.
In this interview with CoinGeek Backstage on the sidelines of Digital Nigeria, Dr. Eva Porras explains how Africa could gain massively from blockchain integration, with its growing population and digitalization.
Dr. Catherine Lephoto was one of the speakers at Digital Nigeria, and in an interview with CoinGeek Backstage, she emphasized the need for Africans to own their data.
CBN lifted the ban in December, allowing Nigerian banks to serve virtual asset service providers (VASPs), and according to one local report, two startups recently filed for a license.
Nigeria added the two East African countries to neighbors Togo and Benin, saying they offer fake degrees—Dr. Catherine Lephoto says blockchain is the solution.
Nigeria’s blockchain adoption will continue this year, with enterprise solutions taking center stage as blockchain goes beyond hype into the utility phase.
The African Stablecoin Consortium has clarified that media reports of a February 27 launch are misinterpreted and are still in talks with regulators.
The new stablecoin will be overseen by the Africa Stablecoin Consortium, which includes leading commercial banks, the central bank, and other stakeholders.
The cNGN stablecoin will not be a substitute to eNaira, which recorded dismal adoption figures since its inception, but would operate as a complement to push locals into adopting emerging tech.
With the evolving trends globally, Nigeria has decided to loosen its grip on the digital asset class under its latest mandate, allowing VASPs to facilitate digital currency transactions.
Digital assets came of age in 2023, moving beyond speculation and impacting remittances and payments as regulators started getting a grip on the industry.