Nigeria's young resident population now feels more bewilderment due to the administration’s recent actions against Nigeria’s crypto industry.
There has been a mix of hope and concern for Nigeria’s crypto industry. Stakeholders in the sector have stated that President Bola Tinubu’s government’s actions and policies have left the industry without clarity in the past year.and blockchain technology for the country’s banking and finance sector. This move was accepted because of its potential to boost Nigeria’s fragile economy.
A comment from Nathaniel Luz, the CEO of Flincap — a liquidity platform for crypto exchanges — stressed that President Tinubu has a unique chance to shape the growing crypto sector in Nigeria, just as previous leaders did with the banking sector. Luz stated that the crypto industry is maturing, and it’s up to President Tinubu to decide how to proceed. Luz maintained that the administration has not done enough, and more action is expected.on banks operating accounts for crypto service providers, and the central bank stated that global trends suggested a need to regulate the activities of VASPs, which include cryptocurrencies and assets.
The guidelines include stringent Anti-Money Laundering , Know Your Customer and other measures. Plus, banks must set what is described as “prudent” transaction limits and not allow cash withdrawals from crypto accounts.Binance founder CZ receives support from crypto community as jail term startsEther ETFs expected in June, CZ leaves Binance France, and other news: Hodler’s Digest, May 26 – June 1