The SEC creates rules for suppliers of digital assets to prevent money laundering

In the midst of the FG's recent attempts to stop illicit cryptocurrency trading in the nation, new regulations to better control cryptocurrency trading have been introduced.New regulations have been released by the Securities and Exchange Commission (SEC) to oversee the licensing, registration, and background checks of virtual asset service providers (VASPs).VASPs are platforms that manage virtual asset transfers and facilitate exchanges between virtual assets (cryptocurrencies) and fiat currency, according to the Central Bank of Nigeria (CBN).The Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Countering Proliferation Financing (CPF) onboarding manual is the new name for the handbook. The SEC claims that the new rule attempts to prevent those with criminal records from being licensed as capital market operators.