Nigeria officially classifies Bitcoin and other digital assets as securities through a new bill

2025-05-01 09:53:09

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According to ChainCatcher, as reported by Forbes, Nigerian President Tinubu signed the Investment And Securities Act 2025 last month, officially classifying Bitcoin and other digital assets as securities. This marks the first official recognition of Bitcoin's legal status by Nigerian regulators.

The new law will grant the Nigerian Securities and Exchange Commission (SEC) regulatory authority over Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs), and Digital Asset Exchanges (DAEs). The law also imposes strict penalties against Ponzi schemes, with violators facing fines of at least 20 million Naira (approximately $12,430) and up to 10 years in prison.

Although Nigeria has been one of the countries with the highest Bitcoin adoption rates and P2P trading volumes globally, the country previously lacked a clear regulatory framework for digital assets. Bitnob CEO Bernard Parah stated, "Having clearer regulations is a good thing. Now that this step is completed, it will be easier to further amend specific provisions as the industry matures."

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