Regulate, don’t ban Nigeria Senate tells central bank Business
Just days after the Central Bank of Nigeria banned banks from processing digital currency-related payments, the Nigerian Senate has stepped in. In its session late last week, the Senate called on the governor of the CBN to reassess the bank’s stance and find a way to regulate the industry, not ban it completely.
A week ago, the regulator sent a circular to all banks, ordering them to shut down digital currency-related accounts. As per the circular, digital currencies pose a danger to Nigeria’s financial system. It was also acting to “protect Nigerians from the risks inherent in crypto transactions.”
French regulator wants a European body to regulate digital currencies Business
The top French financial markets regulator wants the European Union to change the way it oversees the digital currency and blockchain industry. It proposed a unified approach in the region, with one body in charge of formulating regulations for the rapidly growing industry.
In a recent speech, the chair of the Autorité des Marchés Financiers Robert Ophèle spoke on fintech and regulation, touching on the need to regulate blockchain and digital currencies. He believes that the EU region needs to begin regulating the industry soon as it’s growing at a parabolic rate.
The Financial Sector Conduct Authority said it’s receiving a large number of complaints from South African investors who have lost their savings through digital currency scams.
Switzerland ushers in new era as blockchain law takes effect Business
Switzerland has ushered in a new era for the digital assets industry after the tokenized securities law took effect on February 1. Known as the Blockchain Act, it sets a firm legal basis for digital asset exchange and tokenization while tackling the threat of digital currency money laundering.
The Act was passed in September 2020, with the Swiss legislators striving to keep up with their neighbors Liechtenstein which was among the first to develop digital currency regulations. It will be implemented in two phases this year. The first, which centers on company law reforms, took effect on February 1. Financial market upgrades will follow in August as part of the second phase.
Philippines issues new FATF-aligned digital currency guidelines Business
Philippines’ central bank has issued new guidelines for the digital currency industry. They include the need to apply for an operating license, the minimum capital for service providers and stringent anti-money laundering programs.
In its statement, the Bangko Sentral ng Pilipinas (BSP) pledged “to provide an environment that encourages financial innovation while safeguarding the integrity and stability of the financial system.” It also recognized that virtual assets have the potential to revolutionize the delivery of financial services. They also come with their risks, including pseudonymity and price volatility, the bank stated.
To operate as a digital currency money service business, companies in the Philippines will have to obtain a certificate of authority. The virtual asset service providers (VASPs) will also have to comply with all the BSP rules and regulations and have sound corporate g