CBN Sets 180-Day Licensing Deadline for Crypto Operators

The Central Bank of Nigeria (CBN) has issued new regulations requiring existing virtual asset operators to apply for a license within 180 days. Operators must register with the CBN within 30 days and begin regulatory reporting within 60 days.

The regulations, which cover stablecoins and other virtual assets, will take effect from a date specified by the CBN. During the 180-day transition period, operators can continue to operate under interim conditions but must comply with anti-money laundering and counter-terrorism financing requirements.

They must also submit a complete license application within the specified period. The CBN has established six license categories, including a Naira-referenced Issuer Licence and a Foreign Currency Issuer Licence, with specific capital requirements for each.

Issuer applicants are required to pay a non-refundable application fee of N10 million and an annual renewal fee of N5 million. The regulations state that there is no offshore issuer exemption and that all applicants must be incorporated in Nigeria.