尼日利亚的加密货币监管之旅：进展和持续存在的错误

如果尼日利亚要使其加密法规与全球标准保持一致并在蒂努布政府领导下实现其渴望的大陆领导地位

The Federal Government of Nigeria recently filed a lawsuit against a group of crypto traders for engaging in unlicensed trading operations. This move, though unsurprising given the government’s historically tense relationship with cryptocurrencies, raises critical questions about the coherence of regulatory efforts. The link between USDT, a popular stablecoin, and the formal exchange rate between the US dollar and the naira has long been a subject of contention, driving much of the government’s caution.

尼日利亚联邦政府最近对一群加密货币交易商提起诉讼，指控他们从事未经许可的交易业务。考虑到政府与加密货币历来紧张的关系，这一举措虽然并不令人意外，但也引发了有关监管工作一致性的关键问题。 USDT（一种流行的稳定币）与美元与奈拉之间的正式汇率之间的联系长期以来一直是争论的话题，导致政府保持谨慎态度。

The Economic and Financial Crimes Commission (EFCC) charged the traders with carrying on “the specialized business of another financial institution without a valid license” and “not being an authorized dealer in the Nigeria Autonomous Foreign Exchange Market, [they] negotiated United States Dollar Tether (USDT) against Naira with the public.”

经济和金融犯罪委员会（EFCC）指控交易员“在没有有效许可证的情况下从事另一家金融机构的专业业务”，并且“不是尼日利亚自主外汇市场的授权交易商，[他们]通过谈判美元Tether（USDT）与公众对抗奈拉。”

While USDT is pegged to the US dollar and is designed to mirror its value, it is fundamentally different from the USD. USDT is a digital token issued by the Tether Foundation and backed by a reserve of USD-denominated assets, including US treasuries, corporate bonds, precious metals and even other cryptocurrencies. However, the stability of USDT is based entirely on trust in the Tether Foundation’s ability to maintain this reserve.

虽然 USDT 与美元挂钩并旨在反映其价值，但它与美元有本质上的不同。 USDT 是由 Tether 基金会发行的数字代币，由美元计价资产储备支持，包括美国国债、公司债券、贵金属甚至其他加密货币。然而，USDT 的稳定性完全基于对 Tether 基金会维持这一储备能力的信任。

The government’s heavy-handed approach to cryptocurrency regulation has been criticized by stakeholders, who argue that it stifles innovation and drives activity underground, making it harder to regulate. A regulatory framework that clearly defines the interaction between regulators and the industry was sorely needed.

政府对加密货币监管的严厉手段受到了利益相关者的批评，他们认为这扼杀了创新并推动了地下活动，从而加大了监管的难度。迫切需要一个明确定义监管机构与行业之间互动的监管框架。

There were high hopes that the new administration would usher in a more pragmatic approach, and the Central Bank of Nigeria (CBN) under Olayemi Cardoso took a promising first step. In December 2023, the CBN issued guidelines recognising virtual asset service providers (VASPs) as financial institutions under the Money Laundering (Prevention and Prohibition) Act 2022 and acknowledged the SEC’s authority to regulate them.

人们对新政府采取更加务实的态度寄予厚望，奥拉耶米·卡多佐领导下的尼日利亚中央银行（CBN）迈出了充满希望的第一步。 2023 年 12 月，CBN 发布了指导方针，承认虚拟资产服务提供商 (VASP) 属于《2022 年洗钱（预防和禁止）法》规定的金融机构，并承认 SEC 有权对其进行监管。

This shift allowed banks and financial institutions to engage with VASPs, provided the latter complied with SEC licensing requirements. This development was seen as a breath of fresh air, marking a significant step forward in the country’s crypto regulation journey. Under Dr Emomotimi Agama’s leadership, the SEC moved to provisionally license two local VASPs, signaling progress toward formalising the crypto landscape.

这一转变允许银行和金融机构与 VASP 合作，前提是后者遵守 SEC 的许可要求。这一进展被视为一股新鲜空气，标志着该国的加密监管之旅向前迈出了重要一步。在 Emomotimi Agama 博士的领导下，美国证券交易委员会 (SEC) 向两家当地 VASP 颁发了临时许可，这标志着加密货币格局正式化取得了进展。

Despite all of the positive movements above, there are still some fundamental errors that expose a lack of robust understanding of the asset class, or a lack of coherence in or cooperation between regulatory and enforcement authorities on the subject. In the recent lawsuit by the EFCC filed against some traders of USDT, the charge sheet had the language below:

尽管采取了上述所有积极举措，但仍然存在一些根本性错误，暴露出对资产类别缺乏深入了解，或者监管机构和执法机构之间在该问题上缺乏一致性或合作。在 EFCC 最近对部分 USDT 交易者提起的诉讼中，指控单中有如下文字：

“That you, …  and …, between January 2021 and December 2021, in Abuja, within the jurisdiction of this Honourable Court, carried on the specialized business of another financial institution without a valid license, and thereby committed an offense contrary to Section 57(1) and (2) of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 57(5) of the same Act. That you… not being an authorized dealer in the Nigeria Autonomous Foreign Exchange Market, negotiated United States Dollar Tether (USDT) against Naira with the public, and thereby committed an offense contrary to and punishable under Section 29(1)(c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.”

“您……和……在 2021 年 1 月至 2021 年 12 月期间，在本法庭管辖范围内的阿布贾，在没有有效许可证的情况下从事另一家金融机构的专门业务，从而犯下了违反第 57 条的罪行（ 2020 年《银行和其他金融机构法》第 1) 和 (2) 款，并可根据该法第 57(5) 条予以处罚。您……并非尼日利亚自主外汇市场的授权交易商，与公众就奈拉进行了美元 Tether (USDT) 谈判，因此犯下了违反《尼日利亚自治外汇市场法》第 29(1)(c) 条的罪行并应受处罚。外汇（监控和杂项规定）法”。

This section of the charge sheet seems to suggest that the authorities conflated USDT with the US dollar, despite the clear distinction between the two assets. This error could have significant implications for the case and highlights the need for greater technical understanding among those involved in regulating and enforcing cryptocurrency laws.

指控单的这一部分似乎表明当局将 USDT 与美元混为一谈，尽管这两种资产之间存在明显区别。这一错误可能会对案件产生重大影响，并凸显出参与监管和执行加密货币法律的人员需要加强技术理解。