CBN sets N15bn capital requirement for dollar stablecoin issuers
The Central Bank of Nigeria has introduced a minimum paid-up capital requirement of N15bn for companies issuing foreign currency-backed stablecoins, including those pegged to the United States dollar. Read More: https://punchng.com/cbn-sets-n15bn-capital-requirement-for-dollar-stablecoin-issuers/
The Central Bank of Nigeria (CBN) has set a minimum capital requirement of N15 billion for companies issuing dollar-backed stablecoins in the country. This new regulation, part of a broader set of rules governing virtual assets and digital payment services, was introduced following a circular signed by CBN Director Musa Jimoh. The requirement applies to Class 2 stablecoins, which are designed to maintain a stable value against foreign currencies like the US dollar.
Class 1 stablecoins, backed by the Nigerian Naira, face a lower capital threshold of N10 billion. The CBN emphasizes that capital must be maintained separately from other funds and assets, and operators must meet these requirements upon entry and continuously.
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