IMF recommends Nigeria to license global crypto trading platforms as part of its economic reforms

BlockBeats news, May 10, according to Cointelegraph, the International Monetary Fund (IMF) recommended that Nigeria include global cryptocurrency trading platforms in the scope of its economic reform measures.

According to a recent IMF report, the move to integrate cryptocurrencies into its financial system is aimed at ensuring Nigeria's position in the African cryptocurrency market. The report recommends that "global crypto trading platforms should be registered or licensed in Nigeria and subject to the same regulatory requirements applicable to financial intermediaries."

The report points out the differences in Nigeria's balance of payments (BOP), especially net errors and omissions (NEO), which reflect unrecorded financial transactions. These differences are attributed to several factors, including "the shift to cross-border transactions using crypto assets," which are not usually recorded through traditional bank records.