Nigeria’s Capital Markets Regulatory Authority has issued new legislation governing the issuance, exchange and storage of digital assets in the country. This is 20 months after the first statement of intent to define and process digital assets.
The Nigerian Securities and Exchange Commission (SEC), along with the Central Bank of Nigeria (CBN), prohibits Nigerian financial institutions from doing business with cryptocurrency-related companies. But now, token issuing platforms and exchanges need to establish a trusted account with the receiving institution under the new SEC requirements.
The Nigerian SEC has issued a license for Virtual Asset Service Providers (VASPs) to operate domestically. VASP also needs to adopt the fight against money laundering prevention and terrorist financing (AML / CFT) standards.
Elsewhere, concerns about rising inflation and rising interest rates have swept crypto assets into widespread sales of dangerous investments. But now they are starting to level off.
According to Juan Perez, trading director of Monex USA in Washington, the near future of the crypto market is difficult to predict, but the worst can end.
“Perhaps with all the hurdles and monetary tightening to global growth removed, we will begin to witness an upward swing,” he added.
Bitcoin, the world’s most valuable cryptocurrency in terms of market capitalization, finally increased by 4.85% to $ 29,925, recovering from its December 2020 low of $ 25,400.
Bitcoin prices on the crypto market have fallen 3.21% in the last 24 hours, trading at $ 29,329.03 at 5 pm on the IST. According to Coinmarketcap.com, the crypto market advantage is currently 44.42%, up 0.01% in the last 24 hours.
In the last 24 hours, Ethereum (ETH) was trading at $ 2,019.84, down 3.43% and Binance Coin (BNB) was trading at $ 281.66, down 7.98% over the same period. Solana (SOL) was down 6.59% to $ 48.65 and Cardano (ADA) was up 11.8% to $ 0.5099.
Dogecoin traded at Coinmarketcap.com at 5 pm for $ 0.08865, down 1.81 percent. Rival Shiba Inu fell 12.19% and was trading at $ 0.0000118. Samoyedcoin was up 5.76% and trading at $ 0.00728, while Dogelon Mars was down 12.67% and trading at $ 0.000000478.
According to Coinmarketcap.com, the global cryptocurrency market capitalization was $ 1.26 trillion, an increase of 3.09% in the last 24 hours, while the total amount of cryptocurrencies decreased by 31.27% to $ 10.79 billion.
TerraLuna was the biggest increase, up 1,338.97%. According to Coinmarketcap, it was trading at $ 0.0005116 at 5 pm. In contrast, Sweet SOL witnessed the largest losses, down 99.82 percent. It was trading at $ 0.00000003061.