According to the rules, entities seeking to offer crypto services or products in the country will have to get a virtual assets service provider (VASP) license. But they may also require other licenses based on the category or industry they operate in.
VASP license has several obligations, including employing anti-money laundering and combating financing terrorism standards. It’ll also include disclaimers and require users to sign a risk acknowledgment form before using. The rules also require exchanges providing services to Nigerians to secure a permit. The exchanges will also have to provide reports regularly about their trading and submit periodic compliance reports.
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