Nigeria
Nigeria is Africa's largest digital asset market and its most consequential regulatory experiment. The SEC's amended Digital Assets Rules created VASP, DAX and DAOP licence classes, the CBN has moved from prohibition to supervised engagement, and enforcement is now visible — including against global exchanges.
Developing
Securities and Exchange Commission (SEC) · Central Bank of Nigeria (CBN)
SEC Rules on Issuance, Offering and Custody of Digital Assets (2022, updated 2024) — VASP, DAX and DAOP licences.
AML/CFT obligations under the Money Laundering (Prevention and Prohibition) Act 2022; SEC AML Regulations 2022.
Partial — Required for licensed VASPs; cross-border interoperability still maturing.
10% capital gains tax on digital assets (Finance Act 2023).
SEC investor-protection rules; CBN consumer-protection framework for payments.
- —CBN–SEC perimeter friction on stablecoins and payments
- —Naira pressure drives P2P volume outside licensed venues
- —Enforcement unpredictability raises market-entry risk premiums
Foundational licensing regime for issuers, exchanges and custodians.
Introduces 10% CGT on digital asset disposals.
Four firms cleared to operate regulated digital-asset exchanges.
Permits supervised naira-referenced tokens with full reserve cover.
- 2021
CBN banking ban on crypto accounts; eNaira launch
- 2022
SEC Digital Assets Rules issued
- 2023
CBN lifts banking ban for licensed VASPs; 10% CGT
- 2025
First provisional ATS licences granted
- 2026
Second licensing cohort; stablecoin policy refined