Nigeria Sets $11.16 Million Capital Floor for Foreign-Currency Stablecoin Issuers
Photo: TokenPost
The Central Bank of Nigeria (CBN) has set a minimum paid-up capital requirement of about $11.16 million for locally licensed issuers of foreign-currency-pegged stablecoins under new rules for non-security virtual assets. The regulation, issued Thursday, Nov. 5, covers virtual assets used for payments, settlement and foreign exchange. The rules classify foreign-currency stablecoins as Class 2. They also set separate capital requirements for issuers of naira-pegged Class 1 tokens and providers of other non-security virtual-asset services. Companies already licensed by the Securities and Exchange Commission (SEC) cannot count the same capital again toward CBN requirements.
Also reported by BitKE.
Source: TokenPost
