Nigeria Moves to Regulate Crypto Service Providers Under New Law
Nigeria has officially recognized cryptocurrencies as an asset class under the newly signed Investments and Securities Act (ISA) 2025.
This law, signed by President Bola Ahmed Tinubu, ends uncertainty around crypto and places virtual asset service providers (VASPs) under SEC Nigeria’s oversight. It also prohibits Ponzi schemes, imposing strict penalties for violators. SEC Director-General Emomotimi Agama emphasized that the law fosters innovation and strengthens investor protection. While the crypto community welcomes the regulation, some argue that penalties for fraudulent schemes should be higher.
Crypto advocate Ophi Rume also urged SEC Nigeria to support innovation and offer tax incentives to attract foreign investment.
Clever Robot News Desk 1st April 2025
