The International Monetary Fund (IMF) has recommended that Nigeria embrace the regulated use of digital assets by licensing international crypto exchanges.
The watchdog made the proposal in its latest consultation report for Nigeria. The move aims to bolster the country’s economic stability while enhancing its status within the African crypto sector.
The recommendation comes amid a recent regulatory crackdown on crypto in Nigeria that has resulted in a legal tussle with Binance and a planned ban on peer-to-peer (P2P) trading.
Licensing crypto exchanges
The recent report by the IMF suggests that licensing these platforms would help attract foreign investment and improve remittance processes, which is crucial for Nigeria due to its significant expatriate population.
The IMF urges adherence to strict regulatory standards, including robust Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) protocols.
The advisory also identified substantial gaps in Nigeria’s bala
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