---
type: city
domain: crypto-regulation
status: stable
tags: ["crypto-regulation", "africa_west", "giaba", "legal"]
aliases: ["NG-LA", "NGA-LA"]
created: 2026-04-13
updated: 2026-04-02
compile_into: ["[[country--nigeria]]"]
sources:
  - name: "SEC Nigeria"
    url: "https://www.sec.gov.ng"
    type: "official"
  - name: "SEC Rules on Digital Assets 2022"
    url: "https://www.sec.gov.ng"
    type: "framework"
---

# 🇳🇬 [[city--lagos|Lagos]] (NG-LA) — Crypto Regulation

> 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.

## Overview

| Field | Value |
|-------|-------|
| Status | Legal |
| Sub-jurisdiction of | [[country--nigeria|Nigeria]] |
| Risk Score | 30/100 (Moderate Risk) |
| Enforcement Level | Moderate |
| Region | [[domain--africa|africa west]] |
| Currency | [[entity--ngn|NGN]] |

## Tax

| Type | Rate |
|------|------|
| VAT on Crypto | No |

## Licensing

| Field | Value |
|-------|-------|
| Required | Yes |
| Regulator | [[entity--sec-nigeria|SEC Nigeria]] |
| Framework | SEC Rules on Digital Assets 2022 |
| Ease | medium |
| Cost | N/A |
| Timeline | N/A months |

Licensing is required for digital asset service providers under the SEC Rules on Digital Assets 2022.

## AML / KYC

| Field | Value |
|-------|-------|
| KYC Required | Yes |
| Travel Rule | Yes |
| FATF Member | No |
| FATF Status | fsrb_only |

## DeFi

**Status:** regulated

DeFi activities are regulated under the SEC Rules on Digital Assets 2022, requiring compliance with existing securities laws.

## Stablecoins

**Status:** regulated

Stablecoins are regulated under the SEC framework as digital assets and must comply with licensing and AML requirements.

## NFTs

**Status:** no_rules

No specific NFT regulation

## Mining

| Field | Value |
|-------|-------|
| Legal | Yes |
| Electricity Cost | $0.15/kWh |
| Renewable Energy | 15% |
| Climate | tropical |
| Infrastructure | fair |

Mining is legal but faces challenges due to relatively high electricity costs and limited renewable energy penetration.

## Geopolitics

| Field | Value |
|-------|-------|
| Stability | moderate |
| Sanctions | No |
| Corruption Index | 25/100 |
| Ease of Business | difficult |
| Internet Freedom | partly_free |
| Banking Access | moderate |

## Enforcement

Enforcement focused on unlicensed operators and consumer protection

## CBDC Status: launched

---

*Data source: [Soken Crypto Legal Map](https://soken.io/crypto-map/). Last reviewed: 2026-04-13.*

**Sources:**
- [SEC Nigeria](https://www.sec.gov.ng)
- [SEC Rules on Digital Assets 2022](https://www.sec.gov.ng)