Introduction
CBN ) issued series of circulars in
furtherance of its new policy on diaspora remittances.
1 The
older circulars and the CBN policy have been discussed in our
earlier article on this subject and can be read here.
Subsequently, on 22
nd January 2021, the CBN issued
another circular ( the new circular ), setting out the
modalities for the payout of diaspora remittances
3. The new circular
was issued owing to the disregard of the CBN directives by
International Money Transfer Operators ( IMTOs ) and
other unlicensed companies operating within the system.
In this article, we discuss the potential effect of the new
circular in respect of the CBN policy on diaspora remittances.
United Kingdom: HM Treasury consults on regulatory approach to cryptoassets and stablecoins
On 7 January 2021 HM Treasury (HMT) published a combined consultation paper and call for evidence on the regulatory approach to cryptoassets and stablecoins.
In outline, the consultation proposes:
A policy approach that would involve specific requirements being implemented by independent regulators (e.g. via rules or codes of practice) within a wider framework of objectives and considerations set out by HMT.
Expansion of the regulatory perimeter, with the introduction of a regulatory framework for “stable tokens” (i.e. tokens which maintain a stable value by referencing asset(s)), drawing on existing e-money and payments legislation. The FCA would authorise and supervise relevant entities carrying out certain activities in the UK. A stable token arrangement could also be subject to Payment Systems Regulator (PSR) and Bank of England regulation under certain circumstances.
The CBN has frowned at activities of some International Money Transfer Operators who continue to facilitate diaspora remittances into the country in Naira.
Nigeria: CBN Directs Banks to Close IMTOs Naira Accounts allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.