Is crypto legal in Nigeria?
Cryptocurrency is legal in Nigeria, but subject to regulatory restrictions.
Western Africa · NG · 8 of 9 dimensions sourced
Nigeria crypto policy at a glance
Stage of the central bank digital currency programme — research, pilot, or launched.
Whether crypto is legal, restricted, or banned for individuals and businesses.
“The position of the Commission is that virtual crypto assets are securities, unless proven otherwise. Any person whose activities involve any aspect of Blockchain-related and virtual digital asset services, must be registered by the Commission.”
Whether the jurisdiction licenses crypto/VASP service providers.
“Any person, (individual or corporate) whose activities involve any aspect of Blockchain-related and virtual digital asset services, must be registered by the Commission.”
Rules governing stablecoin and e-money-token issuance.
“Develop a regulatory framework for potential implementation of 'Stable Coins'”
How crypto gains are taxed and reported, including OECD CARF participation.
“Finance Act 2023 amended Section 3 of the Capital Gains Tax Act to include digital assets as chargeable assets (10% CGT on disposal gains).”
How decentralized finance (DeFi) is treated by regulators.
“The use of cryptocurrencies in decentralized finance (DeFi) and other platforms poses risks to the financial system which the CBN continues to monitor.”
Whether NFTs are addressed in regulation.
“For the purpose of this Circular, ‘crypto assets’ include cryptocurrencies, tokens (fungible and non-fungible tokens – NFTs) and any other digital representation of value that can be digitally traded, transferred or used for payment or investment purposes. Gains or profits from the disposal of crypto assets are subject to the relevant provisions of the applicable tax laws.”
Policy toward crypto mining — permitted, restricted, or banned.
Intensity of regulatory enforcement actions against crypto firms.
“The Commission has issued investor alerts on illegal online investment and trading platforms, including those involving crypto assets.”
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