Leading Fintech expert in Nigeria, Jesam Micheal has applauded the President Tinubu Led government for the official lifting of the ban by the CBN on Cryptocurrency in Nigeria and charged the Nigerians generally and the youths, in particular, to take advantage of this and buy into the Afriq Arbitrage System which is the leading global cryptocurrency platform in Nigeria.
Interestingly, Like a financial prophet, Jesam has been at the forefront of the push for the Nigerian government to embrace cryptocurrency which is the trending financial system in the world. While receiving an award presentation from the Nigeria Media Masters a week ago as the Fintech Expert Of the Year,, he said God’s kind of money and government paper kind of money is no longer in vogue but the people’s kind of money which is crypto is the most viable form of financial empowerment everyone should embrace now.
He reiterated this stance when the Presidency of NANS inducted him into the Hall of Fame and also awarded him the Icon of Hope. He charged the youths and the Nigerian government to embrace cryptocurrency which is the antidote to global economic inflation.
Interestingly, the Nigerian government listened to his voice as the Central Bank of Nigeria changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions.
This is according to a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the apex bank’s Director, Financial Policy and Regulation Department, Haruna Mustafa.
The circular is titled ‘Circular to all Banks and other Financial Institutions Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPS).’
The apex bank stated that current trends globally have shown the need for crypto regulation.
It said, “The CBN, in February 2021 issued a circular restricting banks and other financial institutions from operating accounts for cryptocurrency service providers in view of the money laundering and terrorism financing (ML/TF) risks and vulnerabilities inherent in their operations as well as the absence of regulations and consumer protection measures.
“However, current trends globally have shown that there is a need to regulate the activities of virtual assets service providers (VASPs) which include cryptocurrencies and crypto assets. Following this development, the Financial Action Task Force (FATF) in 2018 also updated its Recommendation 15 to require VASPS to be regulated to prevent misuse of virtual assets for ML/TF/PF.
“Furthermore, Section 30 of the Money Laundering (Prevention and Prohibition) Act, 2022 recognizes VASPs as part of the definition of a financial institution.
“In addition, the Securities and Exchange Commission in May 2022 issued Rules on Issuance, Offering and Custody of Digital Assets and VASPs to provide a regulatory framework for their operations in Nigeria.
“Given the preceding, the CBN hereby issues this guideline to guide to financial institutions under its regulatory purview in respect of their banking relationship with VASPs in Nigeria. “
The apex bank noted that this new guideline supersedes its old ones referenced FPR/DIR/GEN/CIR/06/010 of January 12, 2017, and BSD/DIR/PUB/LAB/014/001 of February 5, 2021 on the subject.
It also affirmed that banks and other financial institutions are still prohibited from holding, trading and/or transacting in virtual currencies on their own account.
It added that all banks and other financial institutions must immediately comply with its new guidelines.
In its circular with reference number BSD/DIR/PUB/LAB/014/001, dated February 5, 2021, the apex bank reminded banks that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges was prohibited.
At the time, it asked banks to identify persons or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that their accounts were closed.
It would be recalled that n Nigeria’s financial landscape, a transformative force is quietly reshaping the investment horizon. Afriq Arbitrage System (AAS) led by the visionary CEO Jesam Michael, a beacon of innovation in the country’s investment space, wielding tokenized digital currency with profound impact.
Michael’s vision for AAS speaks to a modernized approach to investments. “Our platform embodies the marriage of technology and finance, offering an accessible avenue for a broader spectrum of individuals to participate in the crypto investment market,” shares Jesam Michael. “The utilization of smart contracts and blockchain technology empowers our users to engage in a decentralized and secure ecosystem that transcends boundaries.”
Underpinning AAS’s prowess is its automated and sophisticated trading system, incorporating advanced AI algorithms. “Our system,” Michael explains, “is designed to navigate the complex landscape of crypto exchanges globally, seamlessly executing trades with precision and efficiency. The deployment of high-frequency trading algorithms ensures optimal execution, minimizing risks and maximizing potential gains for our users.”
Furthermore, the platform’s low entry threshold underscores its commitment to inclusivity. “With a starting point as low as $20,” says Michael, “AAS positions itself as a welcoming space for novices and seasoned investors alike. Our aim is to democratize the investment space, making sophisticated digital currency trading accessible to a broader demographic.”
The impact of AAS extends far beyond Nigeria’s borders. Its global presence, spanning over 200 countries, underscores a commitment to facilitating international trade and investments. Michael envisions a future where AAS evolves into a significant global player. “We’re laying the groundwork for an autonomous token and blockchain,” he notes. “This strategic move will not only redefine the landscape in Nigeria but also make our mark on the global stage.
“The prelaunch of the AAS Token is scheduled to commence between late November and early December 2023. This prelaunch phase offers an exclusive opportunity for early adopters and investors to acquire the AAS Token at a discounted rate, ensuring a strategic advantage in the evolving digital currency landscape,” Michael elucidated.
AAS’s innovative blend of technology and finance signals a paradigm shift in investment landscapes. The platform’s focus on blockchain technology and tokenized digital currency represents a secure and potentially lucrative avenue for investors, navigating a space rife with volatility and uncertainty.
The evolving investment narrative in Nigeria finds its mettle in the rise of tokenized digital currency, pioneered by AAS and guided by Jesam Michael’s forward-thinking strategies. As the platform continues to grow and expand, it represents a compelling vision for the future of investments in Nigeria and globally.
