📜 This year, around 1000 companies in the #EU obtained licenses to activate as #VASPs

📊 The Czech Republic emerged as the absolute leader in the number of registered #CryptoCompanies

Poland secured the second position in the ranking, while Lithuania claimed the third spot 👀

Nigeria's Central Bank Unlocks Crypto Potential. 🇳🇬🪙

Central Bank of Nigeria (CBN) has officially lifted its ban on cryptocurrency transactions, reshaping the nation's financial landscape. Haruna Mustafa, Director of the Financial Policy and Regulation Department, announced this transformative decision, highlighting Nigeria's commitment to adapting to global financial trends.

Regulation of VASPs:

The CBN aligns with global trends by emphasizing the regulation of Virtual Assets Service Providers (VASPs), including cryptocurrencies. This move addresses concerns like money laundering and terrorism financing, in accordance with Financial Action Task Force (FATF) recommendations.

New Guidelines for Banking Activities:

Fresh guidelines have been issued to regulate banking activities related to VASPs. Section 30 of the Money Laundering Act of 2022 officially recognizes VASPs as part of the financial institution definition. Immediate compliance is stressed for all banks and financial institutions in Nigeria.

Prohibition on Direct Crypto Transactions:

While lifting the ban enables banking transactions with VASPs, the CBN prohibits banks from holding, trading, or transacting virtual currencies on their own accounts. This nuanced approach showcases Nigeria's openness to the digital currency wave while exercising caution to mitigate potential risks.

The CBN's groundbreaking policy shift marks a transformative chapter in Nigeria's financial history. It signifies the country's readiness to embrace evolving global financial trends while vigilantly managing potential risks associated with the crypto space. Nigeria has positioned itself at the forefront of financial innovation, signaling a promising future for its digital economy.

#VASPs #FATF #Nigeria #HarunaMustafa #cbn

Nigeria ends years-long restrictions on #crypto transactions

In a major shift from its prior position, the Central Bank of Nigeria (CBN) has lifted the prohibition on cryptocurrency transactions in the nation.

On December 22, the modification was made public through a circular. This enables banks and other financial institutions in Nigeria to carry on with their business dealings with bitcoin service providers.

The original prohibition, which went into effect in February 2021, was mainly implemented because to worries about the hazards of money laundering and terrorism financing connected to cryptocurrency holdings.

New guidelines for crypto-

Financial institutions may now open accounts for companies that trade in virtual or digital assets under the new regulations, but these accounts must be made expressly for that reason.
When handling accounts for companies involved in the #cryptocurrency space, banks and other financial institutions are required to adhere to the policies specified in the CBN's instructions.

Virtual Asset Service Providers (#VASPs ) operating in the cryptocurrency space must obtain a licence from the Nigerian Securities and Exchange Commission in the interim.

Banks and other financial institutions are still not allowed to trade, hold, or conduct cryptocurrency transactions on their own accounts, even though they can help VASPs with their transactions.

Given that the majority of Nigeria's population is young, tech-savvy, and has demonstrated a strong interest in cryptocurrencies, the removal of the prohibition is anticipated to have a substantial impact on the financial landscape of the nation.

According to a report by Chainalysis, the volume of crypto transactions in Nigeria grew by 9% year-over-year to $56.7 billion between July 2022 and June 2023.

While the lifting of the ban opens up opportunities, it also presents challenges in ensuring compliance with international standards for preventing illegal activities. It underscores the need for a balanced approach that encourages innovation while safeguarding against risks.

If you're a Nigerian and you're thinking that the current policy relaxation for banks to service #VASPs and their "virtual" assets transactions is for "your" own good, then think again. This is how they initiate the total control of your life. The govt has failed in every aspects of national development, has taken away all the rails and guarantees of liberty for the citizens and fairplay by the governing, basic aspects of lives that requires no struggles or tussles to understand their basic operational principles have been messed up and the president even said he can't help. Now, from no where, with no former knowledge or record of dealing with digital economy and blockchain technology, the govt just approved its operations, and begins to act like pros in the most nascent industry the world has ever seen. Even the US elite leaders in Congress and Senate invite counsels from top experts to testify, elaborate for them, explain the implications and profer guidelines that they can rely upon to extract valuable insights in forming regulatory frameworks for their national development. Who did Nigeria invite? Who advised or is advising the govt on their current path? What is the REAL motivation for their current course of action? To be fair, precise and vocally unbiased, there is a gleamer of hope as many would love to see this as a positive thing bringing hope and brighter prospects for the poor masses. BUT sadly enough, this is never the real truth. In 2008, the pioneer visionary behind #Bitcoin did not say this asset will fit right in with the authorities and so it should be instructive for those who has ears to be wary of anything that gives more powers and sweeping control to the government. Currently we have the worst and most proud and self-styled tyrant in the hemp of affairs — the worst we've seen in ages since the arrival of American Democracy. Washington wants sweeping control over crypto. Nations under the sweeping control of Washington like 🇳🇬, must comply to this or face the wrath therein. Oh Nigerians, be careful. There is more than you know.

Taiwan’s Financial Supervisory Commission has proposed new anti-money laundering regulations for #crypto firms, requiring #VASPs to register by Sept 2025.
Non-compliance could lead to penalties, including up to 2 years in prison and fines of NT$5M ($155.9K).
#Taiwan #TaiwanRegulationRevamp #TrendingTopic

Here’s a closer look at Taiwan’s latest anti-money laundering regulations targeting virtual asset service providers (VASPs)!

Taiwan's Financial Supervisory Commission (FSC) has introduced new guidelines to take effect on January 1, 2025, aimed at tightening crypto regulations while fostering innovation in the space. This shift will elevate the standards for compliance while ensuring that the crypto ecosystem remains secure and sustainable.

What’s in the update:

All crypto companies must register with the FSC by September 2025 or face penalties.

Additional crypto laws are expected by June 2025, designed to secure Taiwan’s growing crypto landscape.

Professional investors can now access foreign virtual asset-related ETFs, although these are high-risk investments restricted to institutional players and high-net-worth individuals.

These new rules come with safeguards, requiring securities firms to implement risk assessments and issue clear warnings before non-institutional clients can make their first purchase. Employees will also undergo regular training to fully understand virtual assets.

Final thoughts: These regulations are setting a high bar for crypto compliance while still allowing room for growth. It’s a significant move for professional investors, and while the entry for regular investors is now tougher, it’s all about creating a safe and transparent market. Taiwan is leading by example in finding a balance between innovation and security.

What’s your view on Taiwan’s new regulations? Could this be the future blueprint for crypto markets worldwide?

#TaiwanCrypto
#CryptoCompliance
#VASPs
#Binance #FutureOfCrypto
$MOVR

UAE Strengthens Virtual Asset Supervision with New Agreement 💼

The UAE’s Securities and Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA) have struck a deal to mutually oversee virtual asset service providers (#VASPs). With this agreement, any VASP licensed in Dubai will automatically be registered with the SCA, making it easier to serve the entire UAE market. 🌐

$VTHO

However, businesses aiming to operate outside Dubai will still need approval from local regulators.
What impact will this have on the UAE's crypto future? Let us know your take! 👇

#cryptoregulation #UAE #VASPs #CryptoMarketTrend

📢 IMPORTANT NEWS ALERT 🔔

➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖

🚨 Dubai Commercial Bank Launches Dedicated Accounts for VASPs 🚨

Odaily reports that Dubai Commercial Bank
(CBD), based in the UAE, has introduced specialized accounts for Virtual Asset Service Providers (VASPs). These accounts are designed to manage client funds and ensure compliance with regulatory standards. CEO Bernd van Linder emphasized that this initiative aligns with CBD's core banking services and aims to bolster the digital economy.

#CommercialBank #VASPs #DigitalEconomy #Banking #Crypto

Here’s a detailed look at Taiwan’s new anti-money laundering (AML) regulations for virtual asset service providers (VASPs)!

The Financial Supervisory Commission (FSC) is stepping up with new guidelines set to take effect on January 1, 2025. This move is aimed at strengthening crypto compliance while fostering innovation in the space.

Key updates:

All crypto companies must register with the FSC by September 2025 or face penalties.

The FSC will propose additional crypto laws by June 2025, ensuring security in Taiwan's crypto landscape.

Professional investors can now tap into foreign virtual asset-related ETFs, offering exciting but high-risk opportunities.

While the rules raise the compliance bar, they also pave the way for more secure, sustainable growth. New investment opportunities, like foreign asset ETFs, are also emerging, allowing professional investors to explore fresh possibilities.

How do you see these new regulations shaping the future of crypto in Taiwan? Could they set a new global standard for AML practices?

#TaiwanCrypto
#VASPs #Binance #InvestmentOpportunities #FutureOfCrypto
$BNB