Nigeria tells dollar-stablecoin issuers: go local or lose retail access
Nigeria tells dollar-stablecoin issuers: go local or lose retail accessExisting foreign-currency arrangements need express permission to continue during the 180-day application window.
Nigeria’s new rules require local issuers and token approval for foreign-currency stablecoins offered to retail customers, including by providers operating from abroad. Existing operators have a conditional transition, while continued access for these arrangements requires express central-bank permission. Canada, meanwhile, proposes a bank-subsidiary model that would separate covered stablecoins from insured deposits. Bitcoin Lightning operators still need to check their hosts after LND’s security update closed one demonstrated attack route but left the underlying Linux flaw unresolved. Top NewsNigeria tells dollar-stablecoin issuers: go local or lose retail access
Effective November 5, the rules give existing operators 180 calendar days to submit complete applications, with earlier registration and reporting duties. Issuer applicants must establish a staffed Nigerian office, effective local management and a resident chief compliance officer; foreign licensing or a Nigerian intermediary cannot substitute for issuer licensing and token approval. A separate recognition route permits foreign-issued stablecoins only for expressly approved wholesale cross-border settlement, while Class 2 approval does not itself authorize payment of naira-denominated domestic obligations. Bitcoin Lightning’s security update shuts one door. A critical Linux flaw remainsLND’s October 30 updates disable default MPTCP listeners but leave the Linux kernel flaw intact. Other exposed MPTCP services can preserve the demonstrated exploit route; kernel repair requires installing and booting a patched version for the affected package. Canada opens bank stablecoin access, but strips deposit guaranteesCanada’s November 5 budget proposes bank issuance through separate subsidiaries. Covered tokens would have reserve safeguards without public deposit insurance. The changes require legislation; proposed regulations identify fall 2027 as the wider framework’s intended commencement window. What We’re Watching
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