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Updated: An overview of Nigeria’s dynamic cryptocurrency regulatory landscape

Globally, the regulation of cryptocurrency is a complex and evolving terrain. Various jurisdictions have adopted diverse approaches, ranging from outright bans to varying degrees of oversight. In Nigeria, while there is no outright ban on cryptocurrency usage or trading, the regulatory regime remains in a state of flux. The Nigerian government has navigated this landscape through a multi-agency approach, seeking to balance the potential benefits of cryptocurrency with mitigating the risks, such as foreign exchange volatility, money laundering and fraud. This article provides an overview of the cryptocurrency regulatory landscape in Nigeria, highlighting recent developments in this evolving space.

Released on Sep 11, 2024

Overview of Nigeria’s dynamic cryptocurrency regulatory landscape

Globally, the regulation of cryptocurrency is a complex and evolving terrain. Various jurisdictions have adopted diverse approaches, ranging from outright bans to varying degrees of oversight. In Nigeria, while there is no outright ban of cryptocurrency usage or trading, the regulatory regime remains in flux. The Nigerian government has navigated this landscape through a multi-agency approach, seeking to balance the potential benefits of cryptocurrency with mitigating risks like, foreign exchange volatility, money laundering and fraud. This article provides an overview of the cryptocurrency regulatory landscape in Nigeria, highlighting recent developments in this evolving space.

Released on Jun 18, 2024

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