Anvesan News Weekly No. 6 Monday 9 November 2026
Nigeria sets stablecoin licences; Taiwan drafts its VASP rules
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TL;DR
- Nigeria: under the CBN's new regulations, foreign-currency stablecoins reach persons in Nigeria only through a Nigerian-incorporated Class 2 licensed issuer.
- Taiwan: the FSC drafted eight VASP rules, with capital and guarantee deposits that add up across business lines. Comments will run for 40 days.
- South Korea: the FSC plans a security inspection of about 580 firms, virtual asset businesses included. Financial companies finding important vulnerabilities must suspend the service.
- This week: comments close on Korea's tokenised securities rules on 11 Nov 2026, and dual supervision of USDC starts on 12 Nov 2026.
Nigeria and Taiwan both put capital figures on paper this week. Nigeria's are final: at least ₦15 billion for a foreign-currency stablecoin issuer. Taiwan's are drafts, and they add up for a firm that runs more than one business.
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What happened last week
Nigeria's central bank sets licences for stablecoins and virtual asset services
On 5 Nov 2026 the Central Bank of Nigeria (CBN) listed its Regulations for the Operations of Non-Security Virtual Assets in Nigeria. They set six licences, authorisations and approvals for stablecoins, Deposit Money Tokens and VASPs. A Class 1 Naira issuer needs ₦10 billion in paid-up capital and a Class 2 foreign-currency issuer at least ₦15 billion. Existing operators must apply within 180 calendar days of commencement.
- Who it affects
- Issuers, including foreign issuers whose tokens reach persons in Nigeria with or without a presence there, plus exchanges, wallet providers, custodians, payment providers and peer-to-peer platforms.
What it means. A foreign stablecoin issuer's own licence does not give it access to Nigerian users. Apart from any express interim permission the CBN grants existing Class 2 arrangements during assessment, access runs through a Nigerian-incorporated Class 2 issuer with its own CBN licence and capital.
Consultation Taiwan FSC
Taiwan drafts eight VASP rules, with capital and deposits that add up
On 3 Nov 2026 Taiwan's Financial Supervisory Commission (FSC) said it drafted eight rules for VASPs under the Virtual Asset Service Act, to be pre-announced for 40 days of comment. Proposed paid-in capital runs from fifty million New Taiwan dollars for exchange and transfer providers to two hundred million for lending providers. Each June and December, custodians would deposit a further 2.5% of their custody balance, after deductions.
- Who it affects
- VASPs in Taiwan, banks already carrying on virtual asset custody, and offshore VASPs opening branches. Firms with FSC AML registration before the Act takes effect would follow transition provisions.
What it means. Capital and deposit figures would add up across business lines, so a firm's requirement depends partly on which businesses it runs. The transition terms await the draft texts. The FSC said the Act and its rules will come into force together, on one day.
Policy statement South Korea FSC
Korea's FSC plans security inspection of about 580 financial firms, virtual asset businesses included
At a meeting on 5 Nov 2026, South Korea's Financial Services Commission (FSC) discussed a security plan for the whole financial sector. It plans to inspect about 580 firms, virtual asset businesses included. Financial companies check themselves first. The FSC said one that finds an important vulnerability must suspend the service and block outside access. The plan is announced policy, with no rule text in the release.
- Who it affects
- Virtual asset businesses and exchanges in South Korea, among about 580 firms that include financial companies and electronic financial business operators.
What it means. The inspection reaches Korean virtual asset businesses before the Digital Finance Safety Act bill is prepared. Security rules for those businesses under that Act remain a plan until the bill is prepared and passed.
Things to look forward to this week
- Comments close on Korea's draft rules for tokenised securitiesAffects: Tokenised securities issuers, account managers, OTC exchanges
- Dual supervision of USDC by the EBA and the ACPR startsAffects: Circle Internet Financial Europe SAS
Interesting developments in general
FinCEN told U.S. financial institutions that the FATF removed Bulgaria, Cote d'Ivoire, Democratic Republic of the Congo and Monaco from its list of Jurisdictions Under Increased Monitoring on 30 Oct 2026.
Financial Crimes Enforcement Network Official sourceSouth Korea's FIU said the FATF began a focused review of gaps in how countries apply its virtual asset standards, with results planned for the June 2027 plenary; South Korea is due to report under the review.
Financial Services Commission, Korea Official sourceSouth Korea's FSC urged major virtual asset operators at an emergency meeting after the Binance hack to raise cold wallet shares, monitor deposits and withdrawals constantly, report abnormal access attempts and add reserves.
Financial Services Commission, Korea Official sourceHong Kong's Acting Secretary for Financial Services and the Treasury told the Legislative Council a bill will go in by the end of this year, expanding the virtual asset trading platform regime to dealing, advisory, management and custody services.
Government of the Hong Kong SAR (press releases; includes the Financial Services and the Treasury Bureau) Official sourceJapan's Financial Services Agency asked its study group on digital and decentralised finance to discuss stablecoin backing assets, the transfer cap, stablecoin lending and bank-issued stablecoins.
Financial Services Agency of Japan Official sourceThe Hong Kong Monetary Authority said it advanced EnsembleTX to enable 24/7 real-value transactions and will soon expand trial trades of tokenised Exchange Fund Bills to include regulated stablecoins.
Hong Kong Monetary Authority Official source
Dates to watch
- Comments close on FCA CP26/36, guidance on new cryptoasset exclusionsAffects: UK cryptoasset firms and applicants
- Comments close on the Federal Reserve's GENIUS Act proposalsAffects: Board-supervised stablecoin issuers and custodians
- Comments due on Treasury's interim rule for certifying state regimesAffects: State stablecoin regulators and state issuers
- Comments close on the SEC's proposed adviser and fund custody rulesAffects: Investment advisers, regulated funds, State trust companies
- Comments due on the CFTC's advance notice on retail crypto asset transactionsAffects: Retail leveraged crypto platforms, DCMs, FCMs
- The OCC's GENIUS Act rule and the Act take effectAffects: Stablecoin issuers under OCC jurisdiction
From our guides
Stablecoin license by country: which license an issuer needs, and from whom
It sets out the licence and the regulator a stablecoin issuer needs in 55 regulated markets, from Sherpa's data, to read next to Nigeria's new Class 2 licence.