The IMF recommendation sets out to remedy the macroeconomic challenges Nigeria faces while attracting global investment.
The International Monetary Fund (IMF) has recommended that Nigeria license global cryptocurrency exchanges as a part of its economic reformation measures.
According to a recent IMF report, the bid to integrate cryptocurrencies into its financial system aims to secure Nigeria’s position in the African cryptocurrency market. It recommends that “global crypto trading platforms be registered or licensed in Nigeria and subject to the same regulatory requirements applicable to financial intermediaries.”
It states: “Authorities should ensure the application of AML/CFT [Anti-Money Laundering and Countering the Financing of Terrorism] controls by crypto trading platforms and other virtual asset service providers through effective AML/CFT risk-based supervision.“