Nigeria Requires Local Licenses for Foreign-Currency Stablecoins

Nigeria’s central bank has set local licensing requirements for foreign-currency stablecoin issuers, requiring central bank approval before their tokens can be offered to Nigerian users. The Central Bank of Nigeria’s framework covers stablecoins, deposit money tokens and related virtual asset services, including issuance, exchange, custody and payments. Foreign-currency stablecoins must come from entities registered in Nigeria and holding a local issuer license; a foreign license is not sufficient. The minimum capital requirement is about $11.12 million for foreign-currency stablecoin issuers and $7.41 million for naira stablecoin issuers. Other virtual asset service providers face a $740,000 minimum.

Source: TokenPost