According to Deep Tide TechFlow, Nigerian President Tinubu has signed the 2025 Investment and Securities Bill, officially classifying Bitcoin and other digital assets as securities. This marks the first official recognition of Bitcoin's legal status in Nigeria.
The new law grants the Nigerian Securities and Exchange Commission the authority to regulate virtual asset service providers, digital asset operators, and digital asset exchanges. The law imposes strict penalties for Ponzi schemes, with violators facing fines of at least 20 million Naira and up to 10 years in prison.
Despite Nigeria's high Bitcoin adoption rate, there has previously been a lack of a clear regulatory framework. Bitnob CEO Bernard Parah stated that clear regulations help the industry mature and allow for further amendments to the terms.
