Sunday, May 22, 2022
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Nigeria Announces Crypto Laws To Regulate, Standardise Digital Assets, Bitcoin Falls

Bitcoin fell by 3.21 per cent, while Ethereum fell by 3.43 per cent in the last 24 hours

Nigeria Announces Crypto Laws To Regulate, Standardise Digital Assets, Bitcoin Falls
Nigeria's capital market regulator has announced new legislation controlling the issuance, trading, and custody of digital assets in the country.

Nigeria’s capital markets regulatory body has issued new laws governing the issuance, exchange, and custody of digital assets in the country. This has come 20 months after it first  stated its intention to define and treat digital assets. 

Nigeria’ Securities and Exchange Commission (SEC), along with the Central Bank of Nigeria (CBN), prohibits Nigerian financial institutions from doing business with cryptocurrency-related enterprises. But now, token issuance platforms and exchanges have to establish trust accounts with receiving institutions under the new SEC requirements. 

Nigeria’s SEC has issued licenses for virtual asset service providers (VASPs) to operate in the country. VASPs must also employ anti-money laundering and combating the financing of terrorism (AML/CFT) standards.

Elsewhere, crypto assets have been swept up in widespread selling of hazardous investments due to concerns about soaring inflation and increasing interest rates. But now, they have begun to level out.

Although the crypto market’s near-term future is difficult to forecast, the worst may be over, according to Juan Perez, director of trading at Monex USA in Washington.

“Perhaps now that all the hurdles to global growth, as well as monetary tightening, have been removed, we will start witnessing upward swings,” he added.

Bitcoin, the world’s most valuable cryptocurrency in terms of market capitalisation, last increased 4.85 per cent to $29,925, rebounding from a December 2020 low of $25,400.

Crypto Prices

The price of Bitcoin in the cryptocurrency market was down by 3.21 per cent in the last 24 hours, and it was trading at $29,329.03 at 5:00 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 44.42 per cent, up by 0.01 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $2,019.84, and it was down by 3.43 per cent, Binance Coin (BNB) decreased by 7.98 per cent during the same time period and was trading at $281.66. Solana (SOL) was down by 6.59 per cent to $48.65, while Cardano (ADA) was up by 11.8 per cent to $0.5099.

Meme Coins

Dogecoin was trading at $0.08865 on Coinmarketcap.com at 5:00 p.m., down by 1.81 per cent. Its rival, Shiba Inu, was down by 12.19 per cent, and was trading at $0.0000118. Samoyedcoin was up by 5.76 per cent, and it was trading at $0.00728, while Dogelon Mars was down by 12.67 per cent, and it was trading at $0.000000478.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.26 trillion, an increase of 3.09 per cent in the last 24 hours, while the total crypto market volume was $100.79 billion, a decrease of 31.27 per cent.

TerraLuna was the biggest gainer, gaining 1,338.97 per cent. It was trading at $0.0005116 at 5:00 pm, according to Coinmarketcap. In contrast, Sweet SOL witnessed the maximum loss and fell by 99.82 per cent. It was trading at $0.00000003061.

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