IMF speaks on regulation of global crypto platforms in Nigeria

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INVESTIGATION: Beautiful infrastructure but poor staffing, lack of drugs hinder PHC services in Borno communitiesWe need new elites, By Ireti Bakare-Yusuf . “Staff recommends that global crypto trading platforms be registered or licensed in Nigeria and subject to the same regulatory requirements applicable to financial intermediaries following the principle of same activity, same risk, and same regulation. Moreover, the authorities should ensure the application of AML/CFT preventive controls by crypto trading platforms and other virtual asset service providers through effective AML/CFT risk-based supervision,” the report read.

Would you consider supporting us with a modest contribution on a monthly basis to help maintain our commitment to free, accessible news?The IMF encouraged the CBN to develop an explicit and transparent FX intervention strategy, which sets out a volatility metric and threshold that would trigger an intervention.

“Several elements in the current draft Bill as disclosed in the public domain would, if enacted, significantly weaken the institutional framework and its independence, e.g., the envisaged ‘Coordinating Committee for Monetary and Fiscal Policies’ chaired by the Minister of Finance could undermine the autonomy of the CBN and its Monetary Policy Committee, which is separately chaired by the Governor of the CBN.

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