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Central Bank of Nigeria: Issued the "Regulations on the Operation of Non-Securities Virtual Assets," requiring a minimum paid-in capital of 15 billion Naira for foreign currency stablecoin issuers, and P2P transactions must verify BVN

According to the "Regulations for the Operations of Non-Security Virtual Assets in Nigeria" published by the Central Bank of Nigeria (CBN) on November 5, 2026, the CBN will regulate non-security virtual assets and stablecoins used for payment, settlement, and exchange purposes, while securities will still fall under the jurisdiction of the Securities and Exchange Commission (SEC).Foreign currency-pegged stablecoins (Class 2) must be issued by locally licensed entities in Nigeria, with a minimum paid-up capital of 15 billion Naira (approximately 11.16 million USD); the minimum for Naira-pegged Class 1 issuers is 10 billion Naira; entities providing other non-security virtual asset services must have at least 1 billion Naira in capital, and those already holding an SEC license cannot double count towards CBN capital requirements.P2P business facilitated by platforms must obtain special approval from the CBN, and before releasing or crediting regulated tokens, the names on the Naira payment accounts must be verified to match the Bank Verification Number (BVN). Categories such as algorithmic stablecoins are prohibited, and the boundaries of responsibilities between CBN and SEC are defined.

Bloomberg: The Binance hacking incident has prompted reflection in the cryptocurrency industry, which may reintroduce trading delays and other Wall Street risk control mechanisms

According to Bloomberg, the Binance hacking incident is prompting the cryptocurrency industry to re-examine its long-held decentralized philosophy, as well as the transaction review, settlement delays, and fund intervention mechanisms in the traditional financial system.As the cryptocurrency industry seeks to enter the mainstream financial market in the United States, some institutional investors are beginning to reconsider Wall Street's financial risk control mechanisms. In traditional finance, banks, payment networks, and clearing institutions can review suspicious transactions during the fund transfer process and can suspend fund flows under certain circumstances.Third Eye CEO Tian Zeng stated that he hopes the settlement time can be shortened from the traditional financial T+1 day to T+1 hour, by appropriately extending the settlement time and increasing review steps, thereby reducing hackers' ability to quickly transfer funds.FalconX Co-Head of Markets Joshua Lim pointed out that as more institutions enter the cryptocurrency market, the client structure is changing, and some institutions are no longer willing to fully accept the risks associated with irreversible transactions. As the cryptocurrency industry further integrates with traditional finance, how to balance transaction efficiency, decentralization, and fund security will become a problem that the industry must face.

first_img Consensys launched a sovereign network interoperability technology stack at Devcon

On November 2, the agreement with the institutional infrastructure company Consensys announced the launch of Sovereign Network Interoperability in Mumbai, India at Devcon, aimed at routing and coordinating transactions between independently operated institutional ledgers. This product is targeted at banks, custodians, asset managers, and financial market infrastructure, covering routing, execution coordination, and transaction tracking. Institutions can specify transaction counterparts, approved counterparties, and settlement requirements, with the product selecting eligible paths and tracking to completion.The technology stack supports four types of institutional processes: collateral allocation, connecting assets with collateral platforms, submitting eligible collateral to clearinghouses or other approved counterparties; securities settlement, coordinating the delivery of tokenized securities on one ledger against payment on another ledger through payment versus payment; wholesale and cross-currency payments, connecting bank currency ledgers to coordinate foreign exchange transactions under agreed payment versus payment conditions; fund and asset services, connecting funds with banking platforms, allowing corporate treasurers to transfer idle cash into tokenized money market funds and back at any time, and settling fund shares in tokenized deposits in a single step.No-bridge interoperability is its core design principle, keeping assets on their native ledgers, with cross-ledger state and execution verified through cryptography, eliminating the need for additional trusted intermediaries. The core protocol is Consensys's cross-ledger interoperability protocol CLIP, which plans to support Ethereum economic zone standards, cross-chain communication protocol IBC, and other protocols, while also planning to connect Canton with Ethereum-compatible networks. Currently, EVM-based chains are supported, with Canton to be integrated later. Institutions can operate independently, operate through financial market infrastructure, or choose Consensys's custody services. Consensys President David Cunningham stated that institutions need to reach counterparties without sacrificing privacy and while maintaining control over their own infrastructure.
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