KuCoin Named Only Global Exchange to Participate in CBN Virtual Asset Supervisory Pilot.............
KuCoin, a leading global crypto platform built on trust, has been invited to
participate in a supervisory pilot programme launched by the Central Bank of
Nigeria (CBN) targeting Virtual Asset Service Providers (VASPs).
KuCoin is the only global exchange included
in the initial cohort of invitees, which also features regional financial
technology and digital asset firms. The initiative is designed to
strengthen oversight of the digital asset sector and address
financial crime risks through enhanced compliance with Anti-Money Laundering
(AML), Counter-Financing of Terrorism (CFT), and Counter-Proliferation
Financing (CPF).
The CBN pilot forms part of the
regulator's broader effort to reinforce financial system integrity under
Nigeria's evolving regulatory framework, in alignment with international
standards such as those set by the Financial Action Task Force (FATF). It aims
to deepen supervisory understanding of virtual asset business models,
operational risks, and compliance practices.
Under the pilot, participating entities will engage in structured
regulatory dialogue, submit periodic supervisory data, and demonstrate progress
across key compliance areas, including governance, transaction monitoring,
sanctions screening, and implementation of the Travel Rule for cross-border
transactions.
Leave A Comment