Nigeria has a legal and regulated framework for cryptocurrencies, governed by the SEC Rules on Digital Assets 2022 and the newly assented Investments and Securities Bill (ISB) 2025, which updates previous securities legislation.
| Status | Legal |
| Risk Score | 30/100 (Moderate Risk) |
| Region | africa west |
| Currency | NGN |
| VAT on Crypto | No |
| Required | Yes |
| Regulator | SEC Nigeria |
| Framework | SEC Rules on Digital Assets 2022 |
| Ease | medium |
Licensing is required for digital asset service providers under the SEC Rules on Digital Assets 2022.
Enforcement focused on unlicensed operators and consumer protection
| KYC Required | Yes |
| Travel Rule | Yes |
| FATF Member | No |
| FATF Status | fsrb_only |
| FATF Body | GIABA |
| Suspicious-Activity Reporting | Yes |
Status: regulated
DeFi activities are regulated under the SEC Rules on Digital Assets 2022, requiring compliance with existing securities laws.
Status: regulated
Stablecoins are regulated under the SEC framework as digital assets and must comply with licensing and AML requirements.
Status: no_rules
No specific NFT regulation
| Legal | Yes |
| Electricity Cost | $0.15/kWh |
| Renewable Energy | 15% |
| Infrastructure | fair |
Mining is legal but faces challenges due to relatively high electricity costs and limited renewable energy penetration.
| Stability | moderate |
| Sanctions | No |
| Corruption Index | 25/100 |
| Banking Access | moderate |
Risk Factors
Nigeria has moderate political stability with ongoing challenges including corruption and infrastructure issues. Crypto businesses face moderate banking access and regulatory oversight.
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Explore IT Services →Last reviewed: 2026-04-13 · Data source: Soken Crypto Legal Map
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