{ "jurisdiction_id": "NG", "jurisdiction": "Nigeria", "url": "https://cryptoassets.gi/jurisdictions/nigeria/", "generator": "render_jid v13.3.0", "date_modified": "2026-09-02", "schema_version": "crypto-v2.0.0", "counts": { "modules": 8, "sourced_findings": 81, "source_register": 39 }, "modules": [ { "code": "crypto_licensing", "name": "Crypto Licensing", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/nigeria/#crypto-licensing-crypto-licensing", "standing_position": "Nigeria licenses digital-asset issuance, offering platforms, custody, VASPs and exchanges under SEC's May 2022 Rules (CLM-NG-001), with an incubation track (ARIP) permitting limited operation via Approval-in-Principle pending full commencement (CLM-NG-002); Busha and Quidax became the first ARIP-licensed exchanges as of August 2024, holding provisional rather than full registration (CLM-NG-003). CBN's December 2023 Guidelines separately reopened banking access for VASPs (CLM-NG-004). The Investments and Securities Act, 2025 refreshed SEC's statutory basis (CLM-NG-006), and SEC has circulated a still-unconfirmed exposure draft amending the 2022 Rules (CLM-NG-005). A July 2026 Executive Order established a CBN-chaired Virtual Asset Council to coordinate the previously fragmented SEC/CBN dual-track regime (CLM-NG-d84f1c6a).", "findings": [ { "finding": "A five-part registration framework (Rules on Issuance, Offering and Custody of Digital Assets, 11 May 2022) covering digital-asset issuance, Digital Asset Offering Platforms (DAOPs), Digital Asset Custodians (DACs), Virtual Asset Service Providers (VASPs) and Digital Asset Exchanges (DAX).", "instrument_type": "regulator", "source": "SEC Nigeria", "source_url": "https://home.sec.gov.ng/our-mandate/regulation/rules-and-regulations/", "source_id": "SRC-crypto-NG-003", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "A VASP or Digital Investment Service Provider to obtain an Approval-in-Principle (AIP) for limited operation pending full rule commencement, applicable to local or foreign providers serving Nigeria.", "instrument_type": "guidance", "source": "Accelerated Regulatory Incubation Program (ARIP)", "source_url": "https://sec.gov.ng/about/resources/checklists/accelerated-regulatory-incubation-program-arip-checklist-for-vasp-onboarding/", "source_id": "SRC-crypto-NG-010", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "First official SEC licences under ARIP as of August 2024; neither firm held full registration and both remained subject to close scrutiny with possibility of shut-down.", "instrument_type": "exchange", "source": "Busha and Quidax", "source_url": "https://www.coindesk.com/opinion/2024/09/04/nigerias-crypto-thaw-not-what-it-seems", "source_id": "SRC-crypto-NG-009", "source_tier": "4", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "Banks and CBN-regulated financial institutions to open designated accounts and provide settlement services for VASPs (Dec 2023 Guidelines), reversing prior restrictions.", "instrument_type": "regulator", "source": "Central Bank of Nigeria (CBN)", "source_url": "https://www.cbn.gov.ng/out/2024/fprd/guidelines%20on%20operations%20of%20bank%20accounts%20for%20virtual%20asset%20providers.pdf", "source_id": "SRC-crypto-NG-001", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "Existing Rules on Digital Assets Issuance, Offering Platforms, Exchange and Custody via a still exposure-draft 'Rules on Digital and Virtual Assets Operations, Custody and Markets', not confirmed as commenced.", "instrument_type": "guidance", "source": "SEC Nigeria", "source_url": "https://sec.gov.ng/category/circular/", "source_id": "SRC-crypto-NG-017", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "Investments and Securities Act No. 29 of 2007, re-establishing SEC Nigeria's statutory basis to regulate investments and securities business including digital-asset activities characterised as securities.", "instrument_type": "law", "source": "Investments and Securities Act, 2025", "source_url": "https://sec.gov.ng/documents/1326/INVESTMENT-AND-SECURITIES-ACT-NIGERIA-2025_1.pdf", "source_id": "SRC-crypto-NG-006", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "A CBN-chaired Virtual Asset Council, with the Nigeria Revenue Service (NRS) and SEC Nigeria as vice-chairs and the NFIU and ONSA as members, to harmonise regulation of Nigeria's virtual-assets ecosystem, effective immediately from 17 July 2026.", "instrument_type": "decision", "source": "Presidential Executive Order on Virtual Assets Coordination, 2026", "source_url": "https://statehouse.gov.ng/president-tinubu-signs-executive-order-on-virtual-assets-establishes-council-to-harmonise-regulation-of-digital-economy/", "source_id": "SRC-crypto-NG-019", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null } ] }, { "code": "token_classification", "name": "Token Classification", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/nigeria/#token-classification-token-classification", "standing_position": "SEC Nigeria presumes virtual crypto assets are securities unless the issuer proves otherwise (CLM-NG-007); CBN separately defines a narrower 'Digital Asset' (debt/equity claim) distinct from the broader 'Virtual Asset' category (CLM-NG-008). Utility tokens and NFTs lack a settled classification distinct from the general presumption (CLM-NG-010), and a draft foreign-issued-stablecoin classification concept remains unconfirmed as commenced (CLM-NG-009).", "findings": [ { "finding": "Virtual crypto assets are presumed to be securities unless the issuer or sponsor proves otherwise, placing the burden of proof on the issuer.", "instrument_type": "guidance", "source": "SEC Nigeria", "source_url": "https://sec.gov.ng/keep-track-of-fintech-news/statement-on-digital-assets-and-their-classification-and-treatment/", "source_id": "SRC-crypto-NG-007", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "'Digital Asset' as a token representing a debt or equity claim on the issuer, distinct from the broader 'Virtual Asset' definition covering transferable, digitally-traded value used for payment or investment purposes.", "instrument_type": "guidance", "source": "Central Bank of Nigeria (CBN)", "source_url": "https://www.cbn.gov.ng/out/2024/fprd/guidelines%20on%20operations%20of%20bank%20accounts%20for%20virtual%20asset%20providers.pdf", "source_id": "SRC-crypto-NG-001", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "A 'Recognised Foreign-issued Stablecoin' classification assessed via issuer regulatory status, reserve arrangement, redemption framework, custody arrangement and other risk factors.", "instrument_type": "guidance", "source": "SEC Nigeria (draft Rules)", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "SRC-crypto-NG-005", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "No primary Nigerian source confirms a settled classification treatment for utility tokens or NFTs distinct from the general rebuttable presumption that crypto assets are securities.", "instrument_type": "none", "source": "Nigeria (regulatory framework)", "source_url": "https://sec.gov.ng/keep-track-of-fintech-news/statement-on-digital-assets-and-their-classification-and-treatment/", "source_id": "SRC-crypto-NG-007", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "The Investments and Securities Act 2025 gives digital assets statutory recognition by including 'virtual and digital assets' within the definition of 'securities', bringing them within the SEC's registration and regulatory perimeter.", "instrument_type": null, "source": "Federal Republic of Nigeria / Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf", "source_id": "S9", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Section 13 of the Investments and Securities Act 2025 requires the SEC to register and regulate virtual and digital asset exchanges, virtual asset service providers and digital asset operators, and its Second Schedule lists virtual assets, digital assets and other DLT offers, tokens and products.", "instrument_type": null, "source": "Federal Republic of Nigeria / Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf", "source_id": "S9", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The Investments and Securities Act 2025 also treats digital assets as capable of being commodities, naming digital assets in its definition of 'commodity' alongside precious metals, crude oil, currency and solid minerals.", "instrument_type": null, "source": "Federal Republic of Nigeria / Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf", "source_id": "S9", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC's position, set out in its Statement on Digital Assets and their Classification and Treatment published 14 September 2020, is that virtual crypto assets are securities unless proven otherwise, with the burden of proof on the issuer or sponsor discharged through an initial assessment filing.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/keep-track-of-fintech-news/statement-on-digital-assets-and-their-classification-and-treatment/", "source_id": "src-52d1c258582e", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "In the same Statement the SEC differentiates treatment by token type: crypto assets are treated as commodities where traded on a Recognised Investment Exchange or issued as an investment, while utility or 'non-security' tokens are treated as commodities whose spot trading falls outside SEC purview unless conducted on a Recognised Investment Exchange.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/keep-track-of-fintech-news/statement-on-digital-assets-and-their-classification-and-treatment/", "source_id": "src-52d1c258582e", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC classifies security tokens as securities, requiring intermediaries dealing in or managing investments in them to be registered as capital market operators, recognised investment exchanges or recognised clearing houses, and treats derivatives and collective investment funds of crypto assets as specified investments.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/keep-track-of-fintech-news/statement-on-digital-assets-and-their-classification-and-treatment/", "source_id": "src-52d1c258582e", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC's in-force 2022 Rules distinguish a 'Digital Asset' — a digital token representing a debt or equity claim on the issuer — from a 'Virtual Asset', a digital representation of value that can be transferred and traded and used for payment or investment, expressly excluding fiat, securities and other financial assets.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/8/Rules-on-Issuance-Offering-and-Custody-of-Digital-Assets.pdf", "source_id": "src-5f09aca20590", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Classification is decided by the Commission on application: under Rule 4.01 of the SEC's 2022 Rules the SEC reviews a complete initial assessment filing within 30 days to determine whether a proposed digital asset constitutes a security, and where it does the issuer must register the securities.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/8/Rules-on-Issuance-Offering-and-Custody-of-Digital-Assets.pdf", "source_id": "src-5f09aca20590", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Tax law supplies a parallel statutory definition: section 201 of the Nigeria Tax Act 2025 defines 'digital assets' to include crypto assets, utility tokens, security tokens, NFTs and derivatives of them, plus any other asset defined by the relevant regulatory authority.", "instrument_type": null, "source": "National Assembly of the Federal Republic of Nigeria", "source_url": "https://nass.gov.ng/documents/download/11249", "source_id": "S3", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The Nigeria Revenue Service classifies virtual assets into five categories for tax purposes — cryptocurrencies and exchange tokens, stablecoins and payment tokens, security and investment tokens regulated under the Investments and Securities Act 2025, utility and governance tokens, and NFTs — each with its own treatment.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC's exposure-draft Rules would add a classification layer for stablecoins, dividing them into Naira-backed, foreign-currency-backed, commodity-backed and crypto-backed tiers; this classification is proposed, not in force.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "src-f243506d078f", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null } ] }, { "code": "on_chain_activity_regime", "name": "On-Chain Activity Regime", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/nigeria/#on-chain-activity-regime-on-chain-activity-regime", "standing_position": "No dedicated in-force rule addresses staking (CLM-NG-013), mining, node operation or validator activity (CLM-NG-014). SEC's exposure-draft Rules extend prospective coverage to tokenisation and hybrid arrangements (CLM-NG-011) and would empower the Commission over AMM/liquidity-pool settlement models (CLM-NG-012), but neither is confirmed as commenced.", "findings": [ { "finding": "Applicability to tokenisation, lifecycle management and hybrid digital-asset arrangements constituting investments/securities business, whether operated in Nigeria or targeting Nigerian investors.", "instrument_type": "guidance", "source": "SEC Nigeria (draft Rules)", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "SRC-crypto-NG-005", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "The Commission to impose additional controls, limits, escrow, custody, dispute-resolution and reporting requirements on AMM/liquidity-pool and other off-order-book settlement models, signalling anticipated future DeFi/DEX coverage.", "instrument_type": "guidance", "source": "SEC Nigeria (draft Rules)", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "SRC-crypto-NG-005", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "No provisions specific to staking; protocol staking would at most fall within the general VASP/digital-asset-service registration perimeter, unconfirmed.", "instrument_type": "none", "source": "Nigeria (SEC 2022 Rules / CBN 2023 Guidelines)", "source_url": "https://sec.gov.ng/documents/8/Rules-on-Issuance-Offering-and-Custody-of-Digital-Assets.pdf", "source_id": "SRC-crypto-NG-002", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "No dedicated regulatory framework for cryptocurrency mining, node operation, or validator activity identified; the SEC 2022 Rules are silent on these activities.", "instrument_type": "none", "source": "Nigeria (regulatory framework)", "source_url": "https://sec.gov.ng/documents/8/Rules-on-Issuance-Offering-and-Custody-of-Digital-Assets.pdf", "source_id": "SRC-crypto-NG-002", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "Under NRS Information Circular 2026/21, virtual assets received as staking rewards, mining rewards, liquidity rewards or other DeFi incentives constitute taxable income on the date of receipt, and the value recognised becomes the asset's acquisition cost.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The NRS Guidelines provide that committing a virtual asset into a staking, validation or similar protocol solely to participate in network operations is not a disposal and gives rise to no income tax.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The NRS Guidelines confirm that moving a virtual asset between wallets owned and controlled by the same individual, including into self-custody, is not a disposal provided beneficial ownership does not change.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The NRS Guidelines treat depositing a virtual asset into a DeFi protocol in exchange for a receipt token such as stETH as a non-disposal, and provide that minting an NFT is neither income, a disposal nor a taxable supply until first sale.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The NRS Guidelines list mining rewards, staking rewards, DeFi rewards, liquidity mining incentives and protocol rewards as income liable to tax for individuals, recognised at fair market value when the taxpayer acquires unrestricted ownership or control.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "There is no licensing, registration or conduct regime for cryptocurrency mining, node operation or validator activity in Nigeria: the SEC's in-force 2022 Rules define the regulated perimeter as digital-asset issuance, offering platforms, custody, exchanges and VASP services and do not address mining or validation.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/8/Rules-on-Issuance-Offering-and-Custody-of-Digital-Assets.pdf", "source_id": "src-5f09aca20590", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Section 13 of the Investments and Securities Act 2025 gives the SEC express statutory powers to establish a National Confiscation Wallet and Multi-Party Combination Wallet and to 'ensure the domestication of private keys', a self-custody-relevant power exercisable through rules the Commission may make.", "instrument_type": null, "source": "Federal Republic of Nigeria / Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf", "source_id": "S9", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC's exposure-draft Rules would require regulated entities to apply risk-based controls to transfers involving self-hosted or unhosted wallets, privacy-enhancing technologies and mixing services; this obligation is proposed, not in force.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "src-f243506d078f", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null } ] }, { "code": "stablecoin_regime", "name": "Stablecoin Regime", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/nigeria/#stablecoin-regime-stablecoin-regime", "standing_position": "No in-force domestic stablecoin issuance/reserve/redemption regime exists in Nigeria. SEC's exposure draft introduces a 'Recognised Foreign-issued Stablecoin' concept (CLM-NG-015) including an anticipated redemption-framework element (CLM-NG-016), and CBN's regulatory attention has focused on VASP banking access rather than reserve-backed Naira stablecoin issuance (CLM-NG-017).", "findings": [ { "finding": "An authorisation-style assessment for 'Recognised Foreign-issued Stablecoins' evaluating issuer regulatory status, reserve arrangement, redemption framework, custody arrangement, audit/attestation process and disclosure framework before recognition for use by a regulated Nigerian entity.", "instrument_type": "guidance", "source": "SEC Nigeria (draft Rules)", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "SRC-crypto-NG-005", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "'Redemption framework' as a stablecoin-recognition criterion, indicating an anticipated redemption-right requirement, though no redemption rule has yet been finalised or brought into force.", "instrument_type": "guidance", "source": "SEC Nigeria (draft Rules)", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "SRC-crypto-NG-005", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "No domestic reserve-requirement or issuance-authorisation framework for Naira-denominated stablecoins identified; CBN regulatory attention has focused on VASP banking access rather than reserve-backed stablecoin issuance.", "instrument_type": "none", "source": "Central Bank of Nigeria (CBN)", "source_url": "https://www.cbn.gov.ng/out/2024/fprd/guidelines%20on%20operations%20of%20bank%20accounts%20for%20virtual%20asset%20providers.pdf", "source_id": "SRC-crypto-NG-001", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "Nigeria has no in-force instrument regulating the issuance, reserve backing or redemption of fiat-referenced stablecoins: the CBN's complete published circulars record contains no stablecoin instrument, and its only virtual-asset circulars govern bank accounts for VASPs and the now-superseded 2017 and 2021 restrictions.", "instrument_type": null, "source": "Central Bank of Nigeria", "source_url": "https://www.cbn.gov.ng/RSS/CircularsRSS.html", "source_id": "S5", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The CBN Regulatory Sandbox operates a dedicated VASP track for 'Virtual Asset & Stablecoin Financial Services' in Cohort 2, covering stablecoin issuance models, fiat-backed stablecoin payments, custody and fiat on/off-ramp services, with applications open at the date of research.", "instrument_type": null, "source": "Central Bank of Nigeria", "source_url": "https://sandbox.cbn.gov.ng/", "source_id": "S6", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The CBN states that admission to its Regulatory Sandbox is not a licence and does not substitute for any other regulator's authorisation, so a stablecoin issuer testing in the sandbox is not thereby authorised to issue at scale.", "instrument_type": null, "source": "Central Bank of Nigeria", "source_url": "https://sandbox.cbn.gov.ng/", "source_id": "S6", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC's exposure-draft Rules would classify stablecoins in four tiers and require Tier 1 Naira-backed stablecoins to be backed at all times by at least 100% of outstanding liabilities in cash or cash-equivalent instruments approved by the CBN or the Commission, 120% for foreign-currency-backed and 150% over-collateralisation for crypto-backed tokens; the draft is not in force.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "src-f243506d078f", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC's exposure-draft Rules would prohibit algorithmic or seigniorage-based, reserve-less, non-auditable and synthetic stablecoins unless exceptionally approved by the Commission; this prohibition is proposed, not in force.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "src-f243506d078f", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC's exposure-draft Rules would require issuers to maintain clear, fair and enforceable redemption arrangements, keep reserve assets unencumbered and segregated, conduct daily reserve reconciliation and publish independent reserve attestations; proposed only.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "src-f243506d078f", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Under the SEC exposure draft, no regulated entity could issue, list, settle or facilitate the use of a stablecoin for any capital-market activity without prior SEC approval, and any activity touching payments, e-money or foreign exchange would additionally require CBN licence, approval or no-objection.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "src-f243506d078f", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The eNaira is the CBN's central bank digital currency, described by the CBN as backed by law and issued by the Central Bank of Nigeria as legal tender, and is a sovereign instrument distinct from any privately issued Naira stablecoin.", "instrument_type": null, "source": "Central Bank of Nigeria", "source_url": "https://www.cbn.gov.ng/currency/eNaira.html", "source_id": "S7", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Nigeria's only in-force stablecoin-specific rule is fiscal: NRS Information Circular 2026/21 classifies stablecoins as Category 2 assets, measures gains against the underlying pegged fiat currency and exempts stablecoin disposals from withholding tax.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "cNGN, the Naira-referenced stablecoin in circulation, is issued by WrappedCBDC Limited and stated by its issuer to be fully backed by Naira reserves held in commercial banks; no CBN or SEC instrument, register or approval notice naming cNGN or its issuer could be located.", "instrument_type": null, "source": "WrappedCBDC Limited (cNGN)", "source_url": "https://cngn.co/blog/how-startups-and-fintechs-can-access-cngn", "source_id": "S8", "source_tier": "3", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null } ] }, { "code": "consumer_protection", "name": "Consumer Protection", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/nigeria/#consumer-protection-consumer-protection", "standing_position": "CBN requires Post-No-Debit and STR treatment for VASP accounts with defective due diligence (CLM-NG-018). SEC requires minimum paid-up capital and a 25% fidelity bond for registered exchanges (CLM-NG-019) -- a claim Challenger flagged as potentially superseded by a Tier-4-only-sourced January 2026 capital circular, escalated to human/regulator review and left intact pending confirmation. SEC's exposure draft would require non-custodial wallet disclosures (CLM-NG-020), and SEC maintains a standing investor-verification advisory (CLM-NG-021).", "findings": [ { "finding": "Where a designated VASP account holder's due-diligence information is found to be incorrect or invalid, the account shall be placed on Post-No-Debit and the customer asked to update records, with a corresponding Suspicious Transaction Report rendered.", "instrument_type": "regulator", "source": "Central Bank of Nigeria (CBN)", "source_url": "https://www.cbn.gov.ng/out/2024/fprd/guidelines%20on%20operations%20of%20bank%20accounts%20for%20virtual%20asset%20providers.pdf", "source_id": "SRC-crypto-NG-001", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "Registered digital-asset exchanges to be capitalised with a minimum paid-up capital and to post a fidelity bond of at least 25% of that amount, and to operate with fees that are fair, reasonable and transparent.", "instrument_type": "regulator", "source": "SEC Nigeria", "source_url": "https://www.coindesk.com/policy/2022/05/16/nigerias-sec-affirms-all-digital-assets-are-securities-in-new-rulebook", "source_id": "SRC-crypto-NG-004", "source_tier": "4", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "A VASP offering non-custodial wallet interface or access services to clearly disclose that it does not provide custody, that the client is responsible for safeguarding private keys and recovery materials, and the limits of any transaction-reversal or recovery mechanism.", "instrument_type": "guidance", "source": "SEC Nigeria (draft Rules)", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "SRC-crypto-NG-005", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "An ongoing public advisory urging investors to verify the regulatory status of any person promoting investment products or services through the Commission's official channels before engaging with them.", "instrument_type": "regulator", "source": "SEC Nigeria", "source_url": "https://sec.gov.ng/for-investors/keep-track-of-circulars/sec-clears-further-2-additional-vasps-for-admission-into-the-accelerated-regulatory-incubation-programme-arip/", "source_id": "SRC-crypto-NG-011", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC's 2022 Digital Assets Rules require a digital-asset exchange and offering platform to display prominently all necessary risk-warning statements, access criteria, fees, complaints-handling and dispute-resolution procedures and cessation-of-business contingency arrangements.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/8/Rules-on-Issuance-Offering-and-Custody-of-Digital-Assets.pdf", "source_id": "src-5f09aca20590", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Under the SEC's 2022 Digital Assets Rules an operator must obtain and retain self-declared risk acknowledgement forms from users before they participate, and must disclose in advance that losses from a digital-asset offering are not covered by any Investor Protection Fund.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/8/Rules-on-Issuance-Offering-and-Custody-of-Digital-Assets.pdf", "source_id": "src-5f09aca20590", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC's 2022 Digital Assets Rules require every whitepaper for an initial digital-asset offering pending assessment to carry a bold-letter statement that the Commission has not approved the tokens or determined whether they are securities, and that false or misleading representation is a criminal offence.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/8/Rules-on-Issuance-Offering-and-Custody-of-Digital-Assets.pdf", "source_id": "src-5f09aca20590", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Section 196(3) of the Investments and Securities Act 2025 makes promoters and operators of a prohibited scheme — expressly including Ponzi and pyramid schemes operated through the internet — liable to a fine of not less than N20,000,000 or ten years' imprisonment or both, and empowers the SEC to seal and freeze such schemes.", "instrument_type": null, "source": "Federal Republic of Nigeria / Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf", "source_id": "S9", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC invoked section 196 of the Investments and Securities Act 2025 against CBEX (Crypto Bridge Exchange) and its affiliates in an April 2025 enforcement notice, confirming they were never registered as a Digital Assets Exchange and had failed to honour withdrawals.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/enforcements/keep-track-of-enforcement-updates/cbexcrypto-bridge-exchange-super-technology-st-technologies-international-ltd/", "source_id": "S10", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "In a June 2023 circular the SEC declared the operations of Binance Nigeria Limited illegal because it was neither registered nor regulated by the Commission, and warned that investing in crypto-assets through unregistered providers is extremely risky.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/for-investors/keep-track-of-circulars/circular-on-the-activities-of-binance-nigeria-limited/", "source_id": "S11", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "In a May 2026 public notice the SEC warned against unregistered online investment schemes promoted on WhatsApp, Instagram, Telegram, Facebook and TikTok, stating that under the Investments and Securities Act 2025 only entities it registers may promote investment services or solicit funds from the public.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/for-investors/keep-track-of-circulars/public-notice-unregistered-online-investment-schemes/", "source_id": "S12", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Section 95 of the Investments and Securities Act 2025 prohibits invitations to the public to acquire securities unless the issuer is registered with the SEC, with a penalty of at least 10% of the gross value of securities or deposits received for a body corporate and N2,000,000 for an individual, plus investor rescission rights.", "instrument_type": null, "source": "Federal Republic of Nigeria / Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf", "source_id": "S9", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC's exposure-draft Rules would require a VASP providing a non-custodial wallet interface to disclose that it does not provide custody and that the client bears responsibility for private keys, and would require disclosed settlement finality, reversal procedures and complaint channels; proposed only.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "src-f243506d078f", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null } ] }, { "code": "tax_treatment", "name": "Tax Treatment", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/nigeria/#tax-treatment-tax-treatment", "standing_position": "The Nigeria Revenue Service formally succeeded FIRS as tax authority effective 1 January 2026 (CLM-NG-b7e2a9f4). No primary source confirms a finalised crypto-specific capital-gains, income, VAT or withholding regime (CLM-NG-023); the sole primary-source signal remains a 2024 statement of legislative intent by the former FIRS (CLM-NG-022). Challenger-cited T4 reporting of a broader 2025/2026 tax overhaul is held pending primary-source confirmation.", "findings": [ { "finding": "As of August 2024, intention to present a bill to parliament establishing a legal basis to tax the crypto industry, describing the enabling law as necessary before any charging provisions could apply.", "instrument_type": "regulator", "source": "Federal Inland Revenue Service (FIRS)", "source_url": "https://www.coindesk.com/policy/2024/08/19/nigeria-planning-to-present-law-to-tax-crypto-by-september-report", "source_id": "SRC-crypto-NG-013", "source_tier": "4", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "No primary Nigerian tax-authority instrument confirming a finalised crypto-specific capital-gains, income, VAT or withholding-tax regime was identified, notwithstanding third-party market-data estimates that taxable crypto activity in Nigeria reached approximately $4.4 billion in 2025.", "instrument_type": "none", "source": "Nigeria (tax authorities)", "source_url": "https://www.theblock.co/news/regulation/2026-08-27-chainalysis-says-global-crypto-taxable-activity-topped-457-billion-in-2025-412919", "source_id": "SRC-crypto-NG-014", "source_tier": "4", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "Federal Inland Revenue Service (FIRS) as Nigeria's tax authority responsible for virtual-asset taxation, effective 1 January 2026 under the Nigeria Tax Administration Act 2025.", "instrument_type": "regulator", "source": "Nigeria Revenue Service (NRS)", "source_url": "https://busha.io/blog/how-nigerias-tax-law-affects-your-crypto", "source_id": "SRC-crypto-NG-018", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "Section 34(1)(a) of the Nigeria Tax Act 2025 makes digital and virtual assets chargeable assets for capital-gains purposes, whether situated in Nigeria or not, with effect from 1 January 2026.", "instrument_type": null, "source": "National Assembly of the Federal Republic of Nigeria", "source_url": "https://nass.gov.ng/documents/download/11249", "source_id": "S3", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Section 4(1)(j) of the Nigeria Tax Act 2025 brings 'profits or gains from transactions in digital assets' within income accruing in or derived from Nigeria, and section 201 defines digital assets to include crypto assets, utility tokens, security tokens and NFTs.", "instrument_type": null, "source": "National Assembly of the Federal Republic of Nigeria", "source_url": "https://nass.gov.ng/documents/download/11249", "source_id": "S3", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Digital-asset losses are ring-fenced under the Nigeria Tax Act 2025: a loss from any transaction in digital assets is deductible only against profits or gains from digital or virtual assets.", "instrument_type": null, "source": "National Assembly of the Federal Republic of Nigeria", "source_url": "https://nass.gov.ng/documents/download/11249", "source_id": "S3", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Under NRS Information Circular No. 2026/21, VASPs and VASP-operated P2P marketplaces must withhold tax at 1% of gross disposal proceeds, deducted in token units from the asset disposed of, with the Naira equivalent at the CBN/NAFEM rate becoming the taxpayer's withholding-tax credit.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The NRS Guidelines treat staking, mining, airdrop and DeFi income as passive income subject to 10% withholding tax deducted at source by the payer, with self-assessment where the payer is non-resident or fails to deduct.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The NRS Guidelines provide that the transfer of ownership of a virtual asset is not itself a taxable supply for VAT, but 7.5% VAT applies to VASP exchange fees, brokerage commissions, custody, wallet management, listing and other service fees.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Corporate profits from virtual-asset activity are taxed at 30% (0% for small companies) under section 56 of the Nigeria Tax Act 2025, and individuals at the progressive Fourth Schedule rates rising to the top band above N50,000,000.", "instrument_type": null, "source": "National Assembly of the Federal Republic of Nigeria", "source_url": "https://nass.gov.ng/documents/download/11249", "source_id": "S3", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The NRS Guidelines require every person engaged in virtual-asset activity to obtain a Tax ID, make a valid Tax ID a precondition for account activation at VASPs and P2P escrow operators, and require VASPs to deduct, remit, file returns under the Nigeria Tax Administration Act and keep records.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The NRS Guidelines require virtual-asset gains and losses to be computed in USD, netted at year end and converted to Naira at the CBN/NAFEM rate on the transaction date, with virtual-asset losses carried forward indefinitely but set off only against future virtual-asset gains.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Stamp duty applies to eligible token transfers and must be withheld by the VASP in token units and remitted not later than the 15th and 30th of the month of the transaction under the NRS Guidelines.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null } ] }, { "code": "cross_border_transfer", "name": "Cross-Border Transfer", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/nigeria/#cross-border-transfer-cross-border-transfer", "standing_position": "CBN restricts VASP-linked designated bank-account transactions to Naira and bars VASPs from NUBAN accounts (CLM-NG-024). No dedicated crypto-specific cross-border reporting-threshold or travel-rule instrument distinct from the general AML/CFT framework was identified; such obligations sit under the Money Laundering (Prevention and Prohibition) Act, 2022 and are owned by Financial Integrity Monitor's subscribed module (CLM-NG-025).", "findings": [ { "finding": "Transactions on a VASP or Digital Asset platform conducted through a designated bank account shall only be in Naira, and financial institutions/NIBSS shall not allow the usage or creation of NUBAN accounts by VASPs.", "instrument_type": "regulator", "source": "Central Bank of Nigeria (CBN)", "source_url": "https://www.cbn.gov.ng/out/2024/fprd/guidelines%20on%20operations%20of%20bank%20accounts%20for%20virtual%20asset%20providers.pdf", "source_id": "SRC-crypto-NG-001", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "No dedicated cross-border reporting-threshold or crypto-specific travel-rule instrument distinct from Nigeria's general AML/CFT framework was identified; such obligations sit under the Money Laundering (Prevention and Prohibition) Act, 2022 and are produced by the subscribed FIM aml_ctf module.", "instrument_type": "none", "source": "Nigeria (SEC/CBN primary sources)", "source_url": "https://www.cbn.gov.ng/out/2024/fprd/guidelines%20on%20operations%20of%20bank%20accounts%20for%20virtual%20asset%20providers.pdf", "source_id": "SRC-crypto-NG-001", "source_tier": "1", "retrieved_at": null, "absence_reason": null, "absence_attribution": null }, { "finding": "Regulation 15 of the SEC's AML/CFT/CPF Regulations 2022 imposes the FATF travel rule on Nigerian VASPs by deeming all virtual-asset transfers to be cross-border transfers requiring full originator and beneficiary information to be obtained, verified and transmitted to the beneficiary institution.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/7/SEC-AMLCFTCPF-REGULATIONS-12-MAY-2022.pdf", "source_id": "S1", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC travel-rule threshold for VASPs is the equivalent of USD 1,000: below it only originator name, beneficiary name and wallet addresses must accompany the transfer; full originator information includes name, wallet address and physical address or national identity number.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/7/SEC-AMLCFTCPF-REGULATIONS-12-MAY-2022.pdf", "source_id": "S1", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The Nigeria Revenue Service's Information Circular No. 2026/21 provides that converting Naira into virtual assets for cross-border settlement is not a taxable disposal, while requiring a Nigerian intermediary in a cross-border business-to-business payment to withhold tax in token units before onward transmission.", "instrument_type": null, "source": "Nigeria Revenue Service", "source_url": "https://www.jrb.gov.ng/documents/guidelines-on-taxation-of-virtual-assets-jrb.pdf", "source_id": "S2", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Section 46 of the Nigeria Tax Act 2025 gives Nigeria taxing situs over digital assets held offshore by deeming incorporeal property including digital assets to be situated in Nigeria where the beneficial owner is resident in Nigeria.", "instrument_type": null, "source": "National Assembly of the Federal Republic of Nigeria", "source_url": "https://nass.gov.ng/documents/download/11249", "source_id": "S3", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "Foreign-exchange transactions in Nigeria must be conducted in the official market through Authorised Dealers or Authorised Buyers appointed by the Central Bank under the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, which is the general capital-control framework crypto-linked FX flows sit beneath.", "instrument_type": null, "source": "Policy and Legal Advocacy Centre — Laws of Nigeria database", "source_url": "https://placng.org/lawsofnigeria/print.php?sn=192", "source_id": "S4", "source_tier": "3", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null }, { "finding": "The SEC's exposure-draft Rules on Digital and Virtual Asset Operations, Custody and Markets (published 20 August 2026) would require regulated entities to segregate and tag domestic versus cross-border flows so that inflows and outflows to and from Nigeria are traceable and attributable to identifiable users; this is not yet in force.", "instrument_type": null, "source": "Securities and Exchange Commission, Nigeria", "source_url": "https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf", "source_id": "src-f243506d078f", "source_tier": "1", "retrieved_at": "2026-09-02", "absence_reason": null, "absence_attribution": null } ] }, { "code": "aml_cft_regime", "name": "AML/CFT Regime", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/nigeria/#aml-cft-regime-aml-cft-regime", "standing_position": "This module is intentionally out-of-scope for the crypto baseline this cycle; substantive AML/CFT and travel-rule claims for Nigerian VASPs are consolidated into Financial Integrity Monitor's subscribed aml_ctf module per the fleet subscription model, and no claims are carried in the crypto register for this module.", "findings": [] } ] }