Nigeria has launched a regulatory sandbox for virtual asset operators, fintechs, financial institutions, and technology companies, marking the latest step in the country’s push to coordinate oversight of the country’s fast-growing digital finance ecosystem.
The Central Bank of Nigeria (CBN) said on Tuesday that applications for Cohort 2 of its Regulatory Sandbox Programme will open on August 12 and close on August 31.
The new programme includes a Virtual Asset Service Provider (VASP) track for companies offering stablecoins, payment and settlement services, custody, wallets, and related financial infrastructure solutions. It also includes a second Data-Enabled Financial Services (Non-VASP) track for firms using secure digital infrastructure and permission-based data sharing to improve payments, credit, risk management, operational efficiency, and financial inclusion.
The sandbox marks Nigeria’s latest move to regulate the virtual asset industry. The CBN will now oversee virtual assets used for payments, including stablecoins, payment, settlement, custody, wallet management, and other transaction-based infrastructure services. The Nigerian Securities and Exchange Commission (SEC) will oversee digital assets that behave like securities.
Originally published by TechCabal.