Nigeria's journey from crypto hostility to formal regulation — from the CBN banking ban and SEC avoidance through the Finance Bill crypto taxation push, regulatory sandbox, provisional licenses for Busha and Quidax, the ISA 2025 signing and crypto tax framework.
President Tinubu signed an executive order to create the Virtual Assets Council to oversee crypto regulatory bodies and manage grey areas.
Emomotimi Agama said the country is missing out on substantial investments because Nigerians avoid investing in the Nigerian capital market.
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According the IMF, these countries have lost significant sums of money as a result of being grey listed by the FATF
At a Mariblock webinar last week, tax and digital asset experts said the new laws mark a turning point for the sector’s legitimacy.
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Individual crypto transactions will now be subjected to a maximum of 25% personal income tax on profit made.
Nigerian banks continue to flag accounts interacting with cryptocurrencies; arrests haven’t stopped, and confusion persists over what the law actually changed.
Two years ago, the country launched a blockchain policy, which it has not implemented yet. Now, it is ditching the document in favor of a new policy.
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Since it granted temporary approvals to Quidax and Busha last year, the agency has hesitated to grant licenses to more crypto firms.
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Bola Ahmed Tinubu has signed the Investments and Securities Act 2025, officially recognizing crypto assets and placing them under the Nigerian SEC.
In a joint publication with Chainalysis, KPMG says both banks and crypto firms can benefit from each other's strengths.
The Nigerian SEC wants to help generate more revenue for the country through crypto taxation.
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As stated on its website, only licensed users can purchase cNGN directly from the platform, while others can access it through cryptocurrency exchanges like Busha and Quidax.
Crypto exchanges Quidax and Busha receive “Approval-in-Principle” as Nigeria takes steps towards regulating the crypto industry.
Nigeria's SEC unveils strict requirements for crypto firms, including local presence and hefty penalties, as it seeks to regulate the burgeoning digital asset market amidst global challenges.
This follows the suspension of KuCoin’s P2P service for Nigerians in May. The remittance process of the VAT is unclear.
