Crypto Moves — Bitcoin up, Ether down; Nigeria publishes rules on virtual assets; COBAC reminds states of crypto ban

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Sunday, up 0.67 percent to $29,583 as of 08:32 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,018, down 0.52 percent, according to data from Coindesk.

Nigeria’s markets regulator publishes rules on crypto assets

Nigeria’s markets regulator has published a set of regulations for digital assets, signalling Africa’s most populous country is trying to find a middle ground between an outright ban on crypto-assets and their unregulated use.

Nigeria’s Securities and Exchange Commission, also known as SEC published the “New Rules on Issuance, Offering Platforms and Custody of Digital Assets” on its website.

The 54-page document lays out registration requirements for digital assets offerings and custodians, and classifies the assets as securities regulated by the SEC.

The SEC said no digital assets exchange would be allowed to facilitate trading of assets unless it had received a “no objection” ruling from the commission.

A digital assets exchange will be required to pay 30 million naira ($72,289) as a registration fee, among other fees.

Central African bank regulator reminds states of crypto ban

Central Africa’s regional banking regulator sent out a reminder on Friday about its ban on cryptocurrencies, weeks after the Central African Republic, a member state, made bitcoin legal tender.

The Banking Commission of Central Africa, also known as COBAC, which regulates the banking sector in the six-nation Economic and Monetary Community of Central Africa, said the prohibition was meant to ensure financial stability.

The announcement came as cryptocurrencies nursed large losses on Friday after the collapse of TerraUSD, a so-called stablecoin, rippled through markets. 

The Central African Republic’s presidency announced on April 27 that bitcoin had been made legal tender, making it only the second country to do so after El Salvador. 

(With inputs from Reuters)