Nigeria Requires at Least 40% of Stablecoin Reserves to Be Cash or Highly Liquid Assets; Existing Operators Must Apply for Licenses Within 180 Days

Odaily: The Central Bank of Nigeria (CBN) has issued regulations for the oversight of non-security virtual asset operations. The rules take effect immediately, and existing operators must apply for a license or authorization within 180 days. The regulations cover stablecoin issuers, crypto payment service providers, exchanges, and custodians.

Stablecoin issuers must fully back tokens with reserve assets and additionally maintain a buffer equal to at least 2% of the token value; at least 40% of reserves must be held in cash or eligible highly liquid assets. (Cointelegraph)