The International Monetary Fund (IMF) has recommended that Nigeria impose registration or licensing requirements on global cryptocurrency trading platforms. This advice follows the IMF’s 2024 Article IV consultation with Nigeria, a detailed analysis aimed at enhancing the country’s financial stability. The IMF’s latest staff report highlights the urgency of creating a robust regulatory framework for the burgeoning cryptocurrency market in Nigeria, aiming to protect investors and maintain financial order.
IMF Pushes for Uniform Crypto Regulations in Nigeria
The report suggests that cryptocurrency platforms should adhere to the same regulatory requirements as traditional financial intermediaries by utilizing the “same activity, same risk, and same regulation” principle. This measure constitutes an integral part of the overall strategy to harmonize crypto regulations worldwide and curb all sorts of illegal financial activities. The IMF’s pro-regulation policy is conducted agai
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