International records / International Monetary Fund

Regulating the Crypto Market in Nigeria

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 …