According to Nigerian crypto researcher Rume Ophi, the recent lifting of the CBN restriction will also boost foreign investment in cryptocurrency in Nigeria and make it easier for locals to get jobs in Web3 and the crypto sector.
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Rume Ophi, a Nigerian crypto analyst, claims that even though the Central Bank of Nigeria (CBN) has lifted restrictions on Nigerian banks facilitating cryptocurrency transactions, the Nigerian Securities Exchange Commission’s (SEC) requirements for crypto licenses will drastically reduce the number of local crypto exchanges operating in the nation.
Rume clarified in an interview that the minimum paid-up capital requirement of $556,620 (N500 million naira) is too expensive for many local exchanges to maintain. He argued that rather than creating a balanced economy, this criterion will lead to the majority of foreign exchanges operating in Nigeria.
A 54-page document titled “New Rules on Issuance, Offering Platforms and Custody of Digital Assets” was posted on the Nigerian Securities and Exchange Commission’s website in May 2022.
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This document provides guidelines for Nigerian banking and financial institutions on how to deal with digital assets, as well as opening doors for bitcoin service providers operating there.
Exchanges must abide by the SEC’s regulation in order to receive a virtual asset service provider (VASP) license. This license requires application processing, a registration fee, and any other related fees.
According to a global poll with participants from fifteen nations, Nigeria, the largest economy in Africa, has the world’s most cryptocurrency-aware populace. Nigeria placed eighth out of 154 nations in Chainalysis’ 2020 Cryptocurrency Geography Report for acceptance and usage of cryptocurrencies.
The country’s rate of cryptocurrency adoption should, however, have attracted greater international investment in cryptocurrency, but the opposite is true. Rume highlighted that the low investment rate was the result of financial institutions being prohibited from providing support to cryptocurrency exchanges.
Rume clarified that the recent lifting of the CBN prohibition will also allow Nigeria’s foreign investment in cryptocurrency to increase and will make it easier for locals to find jobs in Web3 and the cryptocurrency sector.
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