Here is what the page “Nigeria Bans Algorithmic Stablecoins, Sets Reserve Rules in New Crypto Licensing Framework” contains. Nigeria’s central bank has issued new regulations banning algorithmic stablecoins and imposing reserve requirements on issuers, marking a significant expansion of oversight in the country’s crypto payment sector. The rules require stablecoin issuers to hold reserves in high-quality liquid assets, fu The rules require stablecoin issuers to hold reserves in high-quality liquid assets, fully backing the value of their tokens, and to obtain approval from the Central Bank of Nigeria before operating.
Algorithmic stablecoins, which rely on algorithms to maintain their peg rather than collateral, are explicitly prohibited. This move aligns Nigeria with global regulators who view algorithmic stablecoins as risky following the collapse of TerraUSD in 2022. The framework also covers crypto payment service providers, requiring them to register with the Securities and Exchange Commission and comply with anti-money laundering and counter-terrorism financing rules. The full version stays on the original page, which this listing opens directly.