Nigeria and Brazil are refining their blockchain and cryptocurrency regulations to foster innovation and enhance security. Nigeria's National Information Technology Development Agency (#NITDA ) has restructured its National Blockchain Policy Steering Committee (NBPSC) to reassess and improve blockchain policies, aiming to leverage this technology for economic growth.
Meanwhile, Brazil's Central Bank is progressing with comprehensive crypto regulations. The bank's three-phase plan, set to be completed by the end of 2024, began with a public consultation to gather market feedback on issues such as asset segregation and risk management for Virtual Asset Service Providers (#VASPs ). The second phase focuses on planning regulations for stablecoins, crucial for payments and foreign exchange operations. The final phase will establish definitive rules for VASPs, including stringent anti-money laundering (#aml ) and counter-terrorism financing (#CTF ) standards to protect the national financial system.
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