The Central Bank of Nigeria (CBN) defines VASPs as platforms that handle transfers of virtual assets and also conduct exchanges between virtual assets (cryptocurrencies) and fiat currencies.
The new manual is now referred to as the Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Countering Proliferation Financing (CPF) onboarding manual.
According to the SEC, the new guideline aims to stop individuals with criminal backgrounds from obtaining licenses as operators within the capital market.
