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In a significant transformation of its financial legislation, Nigeria now acknowledges cryptocurrencies as securities under its revamped capital market regulations. This historic move paves the way for enhanced clarity and a potential spike in investment activities.

Recently, President Bola Tinubu endorsed the updated Investments and Securities Act (ISA) 2024, thereby superseding the previous ISA No. 29 of 2007, and formally integrating cryptocurrencies and digital assets into the country’s legal framework regarding securities.

The recently enacted legislation unambiguously identifies virtual/digital assets and investment contracts as securities, placing Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs), and Digital Asset Exchanges within the regulatory oversight of the Securities and Exchange Commission (SEC).

Consequently, enterprises engaged in digital asset transactions are mandated to register with the SEC and adhere to its established regulations. This measure is vital in mitigating the risk of fraud within the digital domain, simultaneously nurturing confidence and promoting the advancement of blockchain technologies.

Emomotimi Agama, the Director-General of the SEC, commended the groundbreaking decision, highlighting it as a pivotal enhancement for the capital market. He noted that the fresh legislation is set to amplify investments in digital assets.

In its early stages, Nigeria reacted apprehensively to the burgeoning presence of cryptocurrencies, which began to rise in prominence around 2015, after a downturn in oil prices precipitated a devaluation of the naira.

Cryptocurrencies such as Bitcoin emerged as a refuge for numerous Nigerians, propelling the nation to the position of the world's second-largest cryptocurrency market, trailing only behind the United States.

This increased appetite for digital currencies further exacerbated the strain on the naira’s exchange value.

In an attempt to stem this tide, the Central Bank of Nigeria (CBN) directed financial institutions to shut down any accounts tied to cryptocurrency dealings, an action intended to suppress the burgeoning crypto trade.

As a result of the restrictions, traders resorted to covert methods, turning to peer-to-peer (P2P) platforms to maintain their operations. Binance, a significant player in the global crypto exchange arena, promptly adjusted to the situation by introducing P2P services tailored for Nigerian clientele.

With the inauguration of President Bola Tinubu in mid-2023 and the appointment of Olayemi Cardoso as the governor of the Central Bank of Nigeria, there was a noticeable softening in the government's position on cryptocurrencies. This indicated a potential change in Nigeria's regulatory strategy towards digital assets.
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The CEO of the Nigerian Securities and Exchange Commission (SEC) has spoken positively about blockchain technology, highlighting its immense potential in improving efficiency and supporting the regulation of the country’s capital markets. In light of the current challenges facing financial markets, Emomotimi Agama has pointed out that blockchain could be a viable solution to problems in the financial sector in Africa.
Mr. Agama said that blockchain technology is not just a new trend but also a powerful tool to improve transparency and security in financial transactions. According to him, the application of blockchain can help reduce the risk of fraud, improve the reliability of transactions and create a safer investment environment for domestic and foreign investors.
Furthermore, he stressed that blockchain has the potential to revolutionize the financial information and data management system, thereby making it easier for governments and regulators to track and monitor market activities. This will not only facilitate investors but also contribute to sustainable economic growth for Nigeria.
However, the SEC director also acknowledged that the adoption of this new technology is not without challenges. He pointed out that Nigeria still needs to develop its information technology infrastructure, as well as create a suitable legal framework to manage blockchain activities. Clear regulations and an effective legal environment will help encourage businesses and investors to participate in this market.
In the global context, other countries are also making efforts to tap into the potential of blockchain. Many governments have developed strategies to accelerate digital transformation and adopt new technologies in their financial systems. Nigeria is not left out of this trend as it is determined to become a financial technology hub in Africa.
In addition, Mr. Agama also mentioned the cooperation with international organizations and technology enterprises to promote the development of blockchain in Nigeria. He called on all stakeholders in the financial market to work together to create an ecosystem that is conducive to blockchain development.
Prague, one of the major cities in Europe, has implemented similar initiatives in applying blockchain to public services. This shows that the potential of this technology is not limited to the financial sector but can be extended to many other areas.
Given the obvious benefits that blockchain offers, Nigeria appears to be on the right track to realizing the technology’s potential. The combination of the SEC’s regulatory capabilities and the growth potential of the fintech industry could have positive impacts not only on the capital markets but also on the national economy.
Overall, the interest and commitment of the Nigerian government and regulators towards blockchain technology could pave the way for a brighter future for the financial market here. This would not only attract foreign investment but also create opportunities for domestic businesses to grow and expand their operations. This shift could be the turning point that leads Nigeria to become one of the leading financial technology hubs in Africa in the near future.

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Nigeria’s governance of digital assets has progressed with the enactment of its taxation policy on digital currency transactions, as reported. The government’s aim is to improve revenue collection and incorporate digital assets into its fiscal system by levying a 10% tax on capital gains from cryptocurrency transactions.
Government Pushes For Crypto Taxation
According to Bloomberg, the Nigerian government levied a 10% tax on profits from the sale of digital assets under the 2023 Finance Act. This strategy’s implementation in May 2023 was consistent with the government’s overarching objective of expanding its income base. Authorities intend to increase revenue from Nigeria’s expanding digital economy by concentrating on cryptocurrency earnings.
Nigeria is amending regulations to allow cryptocurrency trading and digitized transactions to be taxed as it seeks to boost revenue
Although this represents a substantial stride toward the formalization of cryptocurrencywithin the financial system, it has also prompted apprehension among investors and merchants. Some individuals are concerned that the high taxation may discourage market participation, thereby directing more users toward decentralized, unregulated platforms. Others regard it as an essential measure in the process of legitimizing the industry.
SEC Introduces Licensing Requirements
In addition to taxation, the Securities and Exchange Commission (SEC) of Nigeria has required that all cryptocurrency firms that operate within the country obtain Virtual Asset Service Provider (VASP) licenses. The objective of the regulatory framework is to establish a more organized environment for the trading of digital assets, thereby mitigating risks such as money laundering and fraud.
Exchanges and crypto-related businesses are required to comply with stringent regulationsunder these new rules. Companies that fail to obtain the necessary licensing may be subject to penalties or restrictions, which could hinder their ability to operate legally within the country.
Mixed Reactions From Crypto Users
These developments have divided Nigeria’s crypto community. Some investors and analysts believe taxation and regulation might entice institutional investors and mainstream acceptance, but others worry about unexpected consequences.

A 10% capital gains tax may have a substantial impact on the profitability of small-scale traders, rendering trading less appealing. Some market observers contend that the tax could potentially force crypto operators to conduct their business under the radar, making them more difficult to monitor and regulate, if a well-defined implementation strategy is not in place.
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Nigeria has emerged as one of the most active countries in the cryptocurrency space, with Binance being a central platform for many Nigerians. From traders and investors to content creators, Nigerians have played a significant role in growing Binance’s ecosystem. In fact, Nigeria is among the top ten countries that contribute content to the Binance platform, reflecting the country’s deep interest in blockchain technology and digital finance.
Nigeria’s Role in Binance’s Growth
Nigeria has one of the highest cryptocurrency adoption rates in Africa, with millions of users engaging in trading, staking, and decentralized finance (DeFi) activities. The country’s economic challenges, including currency devaluation and inflation, have pushed many Nigerians to seek alternative financial solutions, making Binance a preferred platform for digital transactions.
Beyond trading, Nigerians are also among the most active content creators on Binance, writing blog posts, tutorials, and market analyses. This content helps educate new users, drive engagement, and promote Binance’s services globally. With such significant contributions, many Nigerian writers believe that Binance should reward them through an initiative like #Write2Earn.
The Demand for #Write2Earn
Currently, Binance pays creators through specific reward programs like Binance Feed and affiliate marketing, but many Nigerian writers believe a dedicated #Write2Earn program would be a game-changer. This initiative would allow writers to earn directly from their articles, analysis, and educational content.
Such a program could work similarly to play-to-earn (P2E) models in blockchain gaming, where users are rewarded for their contributions. It would encourage more high-quality content on Binance’s platform, strengthen community engagement, and attract even more users to crypto education.
The Future of Binance and Nigerian Writers
With Nigeria's influence on Binance continuously growing, the idea of #Write2Earn seems like a logical next step. If Binance recognizes the value Nigerian writers bring to the platform, it could introduce a structured reward system that benefits both creators and the company.
Until then, Nigerian crypto writers will continue to contribute, hoping that their efforts will one day be recognized and rewarded.
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