The Central Bank of Nigeria (CBN) has issued new regulatory guidelines for the operations of non-security virtual assets in Nigeria, establishing requirements for the licensing, regulation, and supervision of virtual asset activities.
The guidelines, titled Regulations for the Operations of Non-Security Virtual Assets in Nigeria, cover stablecoins, deposit money tokens and related virtual asset service providers.
According to the CBN, the framework is intended to address the opportunities and risks associated with the growing use of virtual assets in payments, remittances, settlement and digital commerce.
The Bank identified risks relating to financial stability, monetary policy, consumer protection, illicit finance, operational resilience and foreign exchange management as areas requiring regulatory attention.
The regulations establish requirements covering governance, prudential standards, consumer protection, operational resilience, anti-money laundering, counter-terrorist financing and counter-proliferation financing compliance, as well as reporting obligations for entities and individuals engaged in regulated non-security virtual asset activities.
The guidelines also address the issuance, distribution, conversion, custody, transfer, redemption and settlement of non-security virtual assets, including stablecoins and deposit money tokens.
The CBN stated that the framework is designed to protect holders and consumers against risks associated with issuer insolvency, mismanagement of reserves or backing, denial of redemption and other forms of misconduct.
The regulations further provide for customer due diligence, customer identification and verification, Travel Rule compliance, counterparty virtual asset service provider due diligence, sanctions screening, transaction monitoring and blockchain analytics.
Under the framework, the regulations apply to persons conducting regulated activities in or from Nigeria, directing such activities at persons in Nigeria, or undertaking activities capable of materially affecting Nigeria’s payments system, financial system, foreign exchange market or financial stability. The requirements may apply even where an operator has no physical presence in Nigeria.
The CBN clarified that the regulations do not displace the statutory responsibilities of the Securities and Exchange Commission. Virtual assets that constitute securities, investment contracts or other capital-market products remain subject to the applicable capital-market regulatory framework.
The guidelines took effect on November 5, 2026.
Related News:
MTN, Airtel, Glo Sue Reps Over Telecoms Probe
behind Games Village, Abuja
5A, CGH, Games Village, Abuja