Svmuu News The Central Bank of Nigeria (CBN) recently launched a regulatory pilot program targeting Virtual Asset Service Providers (VASPs). The first batch of participating institutions includes several regional fintech and digital asset companies, with KuCoin being the only global exchange selected.
The pilot focuses on Anti-Money Laundering (AML), Counter-Terrorist Financing (CFT), and Counter-Proliferation Financing (CPF) compliance, aiming to strengthen risk control and regulatory capabilities in the digital asset industry, aligning with international standards such as those set by the Financial Action Task Force (FATF).
According to the arrangement, participating institutions are required to engage in structured regulatory communication, submit regulatory data regularly, and advance compliance practices in key areas such as corporate governance, transaction monitoring, sanctions screening, and the "Travel Rule" for cross-border transactions.
KuCoin CEO BC Wong stated that constructive regulatory dialogue is a crucial foundation for the long-term sustainable development of the digital asset industry. The company will continue to strengthen communication and cooperation with global regulatory bodies to promote transparency and enhance risk management capabilities.