Nigeria Announces Crypto Laws To Regulate, Standardise Digital Assets, Bitcoin Falls


Nigeria’s capital markets regulator has issued new laws governing the issuance, exchange and custody of digital assets in the country. This came 20 months after it first declared its intention to define and treat digital assets.

The Nigerian Securities and Exchange Commission (SEC), along with the Central Bank of Nigeria (CBN), prohibits Nigerian financial institutions from doing business with cryptocurrency-related companies. But now, token issuance platforms and exchanges must establish trust accounts with receiving institutions under new SEC requirements.

The Nigerian SEC has issued licenses for virtual asset service providers (VASPs) to operate in the country. VASPs must also employ anti-money laundering and anti-terrorism financing (AML/CFT) standards.

Elsewhere, crypto assets have been dragged down by the widespread sell-off of risky investments due to concerns about skyrocketing inflation and rising interest rates. But now, they have started to level off.

Although the short-term future of the crypto market is difficult to forecast, the worst may be over, according to Juan Pérez, director of operations at Monex USA in Washington.

“Perhaps now that all obstacles to global growth have been removed, as well as monetary tightening, we will start to see swings to the upside,” he added.

Bitcoin, the world’s most valuable cryptocurrency in terms of market cap, last rose 4.85% to $29,925, recovering from a December 2020 low of $25,400.

crypto prices

The price of Bitcoin on the cryptocurrency market is down 3.21% in the last 24 hours and is trading at $29,329.03 at 5:00 pm IST. According to Coinmarketcap.com, their crypto market dominance is currently 44.42%, up 0.01% in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $2,019.84 and down 3.43%, Binance Coin (BNB) was down 7.98% over the same period and trading at $281.66. Solana (SOL) was down 6.59 percent at $48.65, while Cardano (ADA) was up 11.8 percent at $0.5099.

meme coins

Dogecoin was trading at $0.08865 on Coinmarketcap.com at 5:00 p.m., down 1.81 percent. Its rival, the Shiba Inu, was down 12.19 percent and trading at $0.0000118. Samoyedcoin is up 5.76% and trading at $0.00728, while Dogelon Mars is down 12.67% and trading at $0.000000478.

overall scenario

According to Coinmarketcap.com, the global crypto market capitalization was $1.26 trillion, an increase of 3.09% in the last 24 hours, while the total crypto market volume was $100.79 billion, a decrease of 31.27%. .

TerraLuna was the biggest gainer, earning 1,338.97 percent. It was trading at $0.0005116 at 5:00 p.m., according to Coinmarketcap. In contrast, Sweet SOL witnessed the maximum loss, dropping 99.82 percent. It was trading at $0.00000003061.

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