CBN Sets 180-Day Registration Deadline for Crypto Operators
- The CBN gave existing crypto operators 180 days to apply for licences, with registration and reporting deadlines coming sooner
- Naira-backed stablecoin issuers need ₦10 billion in capital, while other virtual asset providers must hold at least ₦1 billion
- Unlicensed operators face fines from ₦100 million, as the CBN plans to monitor transactions and publish a register of firms
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has issued a 180-day deadline for cryptocurrency operators to obtain regulatory licences, warning that firms operating without approval risk fines starting at ₦100 million.
The directive forms part of the Regulations for the Operations of Non-Security Virtual Assets in Nigeria, released on Friday, as the apex bank boosts oversight of digital asset transactions.
Source: Getty Images
The framework covers stablecoins, digital wallets, cryptocurrency exchanges, peer-to-peer trading platforms and other virtual asset service providers operating in Nigeria or targeting Nigerian customers.
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CBN sets ₦15bn capital requirement for dollar-backed stablecoins, ₦10bn for naira operators
CBN sets three compliance deadlines
Under the transition arrangements, existing operators must register with the CBN within 30 days, begin submitting supervisory reports within 60 days and complete their licence applications within 180 days.
The countdown begins on the commencement date specified by the CBN.
Operators may continue providing services during the transition period, but only at their existing operational scale and subject to regulatory conditions.
Companies that miss the application deadline must suspend operations until they obtain the necessary authorisation.
New capital requirements for crypto firms
The regulations introduce six licensing and authorisation categories covering stablecoin issuers, deposit money tokens and other virtual asset services.
Naira-backed stablecoin issuers must maintain minimum paid-up capital of ₦10 billion, while foreign currency-backed issuers require ₦15 billion.
Other virtual asset service providers must maintain ₦1 billion.
Stablecoin issuers will also pay a non-refundable application fee of ₦10 million and an annual renewal fee of ₦5 million.
All applicants must be incorporated in Nigeria, maintain a local operational presence and appoint resident compliance officers.
CBN targets unlicensed crypto platforms
The apex bank also extended the licensing requirements to peer-to-peer trading platforms and foreign operators serving Nigerian customers.
It warned that operating without the required approval attracts a minimum fine of ₦100 million, alongside an additional ₦1 million for every day the violation continues.
The CBN may suspend operations, withdraw approvals or publicly identify unauthorised companies.
Source: Twitter
Banks, regulators to monitor transactions
To enforce compliance, the CBN plans to deploy blockchain analytics, online surveillance and suspicious transaction reports.
It may also collaborate with financial institutions, law enforcement agencies and the Nigerian Communications Commission to restrict unauthorised activities, according to a Leadership report.
The bank will publish a public register of licensed operators and identified unauthorised firms.
The bank said the measures seek to encourage responsible financial innovation while protecting consumers and Nigeria's financial system.
SEC proposes N30m crypto registration fee
Legit.ng previously reported that the Securities and Exchange Commission (SEC) has proposed sweeping new rules for Nigeria’s digital asset industry, introducing higher registration fees, tougher capital requirements and stricter protections for retail investors.
The proposed framework, titled “Digital and Virtual Asset Operations, Custody and Markets,” was released on August 20 as the commission moves to strengthen oversight of Nigeria’s rapidly evolving crypto market.
Source: Legit.ng
