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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 ...

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 “s...

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The CBN has frowned at activities of some International Money Transfer Operators who continue to facilitate diaspora remittances into the country in Naira.

By Obinna Chima The Central Bank of Nigeria (CBN) has expressed displeasure that some International Money Transfer Operators (IMTOs) continue to pay remittances in local currency contrary to its recent policy that granted unfettered access to forex from Diaspora and other money transfer remittances. However, it noted that the majority of Nigerians who are beneficiaries of remittances through IMTOs now receive forex through their designated banks. The CBN revealed this in a circular posted on its website yesterday, titled: “Receipt of Diaspora Remittances: Additional Operational Guidelines.�...