Nigeria's central bank requires stablecoin issuer licences and bans algorithmic stablecoins

Nigeria's central bank has issued a regulatory framework establishing two licence classes: Class 1 for naira-referenced stablecoins and Class 2 for foreign-currency-referenced tokens. Under the rules, issuers must incorporate in Nigeria and secure token approval before issuing. Algorithmic stablecoins are banned outright. Separately, South Korean exchange Gopax said it will halt all trading services and move customer assets to cold wallets, citing recent security breaches and data leaks at financial institutions.

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