Selected Issues Papers

Regulating the Crypto Market in Nigeria

By Jose De Luna Martinez, Deeksha Kale

July 11, 2025

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Format: Chicago

Jose De Luna Martinez, and Deeksha Kale. "Regulating the Crypto Market in Nigeria", Selected Issues Papers 2025, 096 (2025), accessed July 12, 2025, https://doi.org/10.5089/9798229018555.018

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Summary

In recent years; the trading of crypto assets has surged among individuals and businesses in Nigeria. The authorities are strengthening the regulatory and supervisory framework for crypto assets to address potential risks including undetected capital outflows and currency speculation; money laundering; terrorism financing and consumer fraud. Moving forward; they should enforce this framework by identifying unlicensed crypto firms and preventing them from operating in Nigeria; collecting taxes on capital gains; and preventing crypto platforms from serving as informal channels to bypass capital flow restrictions. Authorities should also continue to develop robust analytical tools for effective market surveillance; ensure AML/CFT supervisory activity commensurate with money laundering and terrorism financing risks; and actively cooperate and share information with international counterparts.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Balance of payments, Blockchain and DLT, Capital outflows, Crime, Currencies, Digital wallets, Exchange rates, Financial markets, Foreign exchange, Money, Money laundering, Securities markets, Technology, Terrorism financing

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Blockchain and DLT, Capital outflows, Crypto, Currencies, Digital Assets, Digital wallets, Digitalization, Exchange rates, Financial Service, Fintech, Money laundering, Securities, Securities markets, Stablecoin, Terrorism financing

Publication Details

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